Permian Resources Co. (NASDAQ:PR) Receives Average Rating of "Moderate Buy" from Brokerages

Permian Resources Co. (NASDAQ:PR - Get Free Report) has received an average recommendation of "Moderate Buy" from the fifteen ratings firms that are currently covering the company, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, twelve have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among analysts that have issued a report on the stock in the last year is $19.50.

PR has been the topic of a number of research reports. Piper Sandler lowered their price target on Permian Resources from $23.00 to $21.00 and set an "overweight" rating on the stock in a report on Thursday, August 15th. Truist Financial lifted their target price on Permian Resources from $21.00 to $22.00 and gave the company a "buy" rating in a research note on Tuesday, July 30th. UBS Group cut their price target on Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, September 18th. JPMorgan Chase & Co. lowered their price objective on shares of Permian Resources from $20.00 to $17.00 and set an "overweight" rating on the stock in a research report on Thursday, September 12th. Finally, Wolfe Research started coverage on shares of Permian Resources in a research report on Thursday, July 18th. They set a "peer perform" rating for the company.

Insider Buying and Selling

In related news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares of the company's stock, valued at $855,288.07. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Permian Resources

Several institutional investors have recently bought and sold shares of PR. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Permian Resources during the second quarter worth about $3,429,000. Sanctuary Advisors LLC acquired a new position in Permian Resources in the 2nd quarter worth $607,000. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Permian Resources by 27.0% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 158,900 shares of the company's stock worth $2,566,000 after acquiring an additional 33,800 shares in the last quarter. Truist Financial Corp acquired a new position in shares of Permian Resources in the second quarter worth about $9,473,000. Finally, Creative Planning grew its stake in Permian Resources by 49.1% during the 2nd quarter. Creative Planning now owns 87,703 shares of the company's stock valued at $1,416,000 after purchasing an additional 28,868 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Down 2.8 %

PR stock traded down $0.39 during midday trading on Wednesday, reaching $13.75. 6,769,026 shares of the company were exchanged, compared to its average volume of 10,074,387. The company has a market cap of $10.59 billion, a price-to-earnings ratio of 12.76, a price-to-earnings-growth ratio of 0.81 and a beta of 4.33. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. Permian Resources has a 1-year low of $12.34 and a 1-year high of $18.28. The stock's 50-day simple moving average is $14.41 and its 200 day simple moving average is $15.81.

Permian Resources (NASDAQ:PR - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business's revenue was up 99.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 earnings per share. On average, equities analysts forecast that Permian Resources will post 1.53 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.75%. Permian Resources's dividend payout ratio (DPR) is presently 21.82%.

Permian Resources Company Profile

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.