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

Morgan Stanley started coverage on shares of Permian Resources (NYSE:PR - Free Report) in a report published on Friday morning, Marketbeat.com reports. The brokerage issued an overweight rating and a $19.00 price objective on the stock.

Several other equities research analysts have also issued reports on PR. UBS Group reduced their price target on Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, September 18th. Piper Sandler reduced their price objective on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research report on Tuesday, December 17th. Benchmark dropped their target price on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, October 16th. Mizuho dropped their price objective on shares of Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. lowered their price target on Permian Resources from $20.00 to $17.00 and set an "overweight" rating on the stock in a research note on Thursday, September 12th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.88.

Permian Resources Stock Performance

PR traded up $0.16 during trading on Friday, reaching $15.15. 10,361,794 shares of the company were exchanged, compared to its average volume of 8,355,299. The stock has a market cap of $12.17 billion, a P/E ratio of 9.18, a PEG ratio of 0.88 and a beta of 4.32. The firm has a 50 day moving average of $14.79 and a 200 day moving average of $14.66. Permian Resources has a 52 week low of $12.59 and a 52 week high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates 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 business's revenue for the quarter was up 60.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 EPS. On average, sell-side analysts forecast that Permian Resources will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a dividend yield of 3.96%. This is a positive change from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's dividend payout ratio (DPR) is presently 36.36%.

Insider Buying and Selling

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the firm'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 owns 134,617 shares of the company's stock, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 12.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds have recently bought and sold shares of PR. Sunbelt Securities Inc. grew its holdings in Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock valued at $43,000 after purchasing an additional 800 shares during the period. Avior Wealth Management LLC lifted its holdings in shares of Permian Resources by 0.9% in the 3rd quarter. Avior Wealth Management LLC now owns 114,601 shares of the company's stock worth $1,560,000 after acquiring an additional 1,007 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its holdings in Permian Resources by 9.7% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,939 shares of the company's stock worth $209,000 after acquiring an additional 1,147 shares in the last quarter. Icon Wealth Advisors LLC increased its holdings in shares of Permian Resources by 1.0% in the 3rd quarter. Icon Wealth Advisors LLC now owns 130,880 shares of the company's stock valued at $1,781,000 after acquiring an additional 1,349 shares during the period. Finally, Deroy & Devereaux Private Investment Counsel Inc. raised its position in shares of Permian Resources by 0.7% in the 3rd quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 184,475 shares of the company's stock worth $2,511,000 after acquiring an additional 1,370 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

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.