Permian Resources Co. (NYSE:PR) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Permian Resources Co. (NYSE:PR) have been assigned an average rating of “Moderate Buy” from the seventeen brokerages that are currently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have issued a report on the stock in the last year is $19.13.

Several equities analysts recently commented on PR shares. Piper Sandler boosted their price target on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Truist Financial boosted their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Morgan Stanley started coverage on Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective on the stock.

Insider Buying and Selling

In related news, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. This represents a 6.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Kingsview Wealth Management LLC acquired a new position in Permian Resources during the 4th quarter worth $632,000. Wright Investors Service Inc. acquired a new position in Permian Resources during the 4th quarter worth $498,000. Point72 Asset Management L.P. boosted its position in Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after acquiring an additional 2,023,742 shares during the period. Tributary Capital Management LLC boosted its position in Permian Resources by 8,360.8% during the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock worth $699,000 after acquiring an additional 50,750 shares during the period. Finally, South Street Advisors LLC acquired a new position in Permian Resources during the 3rd quarter worth $7,142,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Performance

Permian Resources stock opened at $14.09 on Friday. The stock’s 50 day moving average price is $14.70 and its 200 day moving average price is $14.47. The firm has a market capitalization of $11.32 billion, a PE ratio of 8.54, a price-to-earnings-growth ratio of 4.05 and a beta of 4.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources has a one year low of $12.62 and a one year high of $18.28.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.26%. Permian Resources’s payout ratio is currently 36.36%.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.