Permian Resources (NASDAQ:PR) PT Lowered to $15.00

Permian Resources (NASDAQ:PR - Free Report) had its target price trimmed by Susquehanna from $16.00 to $15.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities analysts have also weighed in on the stock. Citigroup decreased their target price on shares of Permian Resources from $20.00 to $18.00 and set a buy rating on the stock in a report on Friday, August 9th. Wolfe Research started coverage on Permian Resources in a research report on Thursday, July 18th. They issued a peer perform rating for the company. Piper Sandler cut their target price on Permian Resources from $23.00 to $21.00 and set an overweight rating for the company in a research note on Thursday, August 15th. Truist Financial upped their price target on Permian Resources from $21.00 to $22.00 and gave the company a buy rating in a research note on Tuesday, July 30th. Finally, Bank of America reissued a buy rating and set a $20.00 price objective on shares of Permian Resources in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Permian Resources currently has a consensus rating of Moderate Buy and a consensus price target of $19.93.

Permian Resources Price Performance

Shares of Permian Resources stock traded down $0.19 during mid-day trading on Wednesday, reaching $13.58. 7,297,885 shares of the stock traded hands, compared to its average volume of 9,973,403. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. The business has a 50-day moving average of $15.19 and a 200 day moving average of $15.98. The stock has a market capitalization of $10.90 billion, a PE ratio of 12.35, a PEG ratio of 0.77 and a beta of 4.33. Permian Resources has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company's quarterly revenue was up 99.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.27 earnings per share. On average, analysts predict that Permian Resources will post 1.63 EPS for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.77%. The ex-dividend date was Monday, August 19th. Permian Resources's payout ratio is 21.82%.

Hedge Funds Weigh In On Permian Resources

Several hedge funds have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Permian Resources by 27.0% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 158,900 shares of the company's stock valued at $2,566,000 after acquiring an additional 33,800 shares during the period. Truist Financial Corp purchased a new position in Permian Resources during the 2nd quarter worth $9,473,000. Creative Planning increased its stake in Permian Resources by 49.1% in the second 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 during the period. Algert Global LLC raised its holdings in shares of Permian Resources by 1,475.9% in the second quarter. Algert Global LLC now owns 612,536 shares of the company's stock valued at $9,892,000 after buying an additional 573,666 shares during the last quarter. Finally, Ninepoint Partners LP raised its holdings in shares of Permian Resources by 9.1% in the second quarter. Ninepoint Partners LP now owns 600,000 shares of the company's stock valued at $9,690,000 after buying an additional 50,000 shares during 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.