Morgan Stanley Begins Coverage on Permian Resources (NYSE:PR)

Morgan Stanley assumed coverage on shares of Permian Resources (NYSE:PR) in a research note issued to investors on Friday, Marketbeat reports. The brokerage issued an overweight rating and a $19.00 price target on the stock.

Other research analysts have also recently issued research reports about the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. Mizuho cut their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Truist Financial boosted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. Wells Fargo & Company cut their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Finally, The Goldman Sachs Group assumed coverage on shares of Permian Resources in a report on Monday, September 30th. They set a “buy” rating and a $19.00 target price on the stock. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Permian Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.88.

Permian Resources Trading Up 1.1 %

NYSE:PR opened at $15.15 on Friday. Permian Resources has a one year low of $12.59 and a one year high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a 50-day moving average of $14.79 and a 200-day moving average of $14.66. The company has a market cap of $12.17 billion, a PE ratio of 9.18, a PEG ratio of 0.88 and a beta of 4.32.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 earnings per share. As a group, equities research analysts expect that Permian Resources will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.96%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio is 36.36%.

Insider Activity at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 12.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. State Street Corp lifted its stake in Permian Resources by 6.1% in the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after purchasing an additional 1,263,460 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its stake in shares of Permian Resources by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after acquiring an additional 1,543,854 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after acquiring an additional 1,638,618 shares during the period. Renaissance Technologies LLC increased its stake in Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after purchasing an additional 1,555,884 shares during the period. Finally, Jennison Associates LLC increased its stake in Permian Resources by 14.5% in the 3rd quarter. Jennison Associates LLC now owns 7,647,329 shares of the company’s stock worth $104,080,000 after purchasing an additional 966,940 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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.