Permian Resources Co. (NYSE:PR) Receives $18.87 Average Price Target from Analysts

Permian Resources Co. (NYSE:PR - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the sixteen brokerages that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $18.87.

Several research analysts have weighed in on the company. UBS Group lowered their price target on Permian Resources from $19.00 to $18.00 and set a "buy" rating on the stock in a research report on Wednesday, September 18th. Truist Financial upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Friday, November 8th. The Goldman Sachs Group assumed coverage on shares of Permian Resources in a research report on Monday, September 30th. They issued a "buy" rating and a $19.00 price objective for the company. JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $20.00 to $17.00 and set an "overweight" rating on the stock in a report on Thursday, September 12th. Finally, Benchmark reduced their price target on Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, October 16th.

Permian Resources Stock Up 1.9 %

PR traded up $0.28 during trading hours on Friday, hitting $15.14. 8,950,521 shares of the company's stock were exchanged, compared to its average volume of 7,860,960. The stock has a market cap of $12.16 billion, a price-to-earnings ratio of 9.18, a PEG ratio of 0.88 and a beta of 4.35. Permian Resources has a 1-year low of $12.59 and a 1-year high of $18.28. The stock's 50-day moving average is $14.65 and its two-hundred day moving average is $14.68. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS 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 the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company's quarterly revenue was up 60.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 EPS. Sell-side analysts predict that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

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

Institutional Trading of Permian Resources

A number of institutional investors have recently modified their holdings of the stock. Merewether Investment Management LP boosted its position in shares of Permian Resources by 148.1% during the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company's stock worth $95,292,000 after acquiring an additional 3,522,300 shares in the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Permian Resources by 16,359.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company's stock valued at $56,089,000 after purchasing an additional 3,451,923 shares in the last quarter. Yaupon Capital Management LP increased its stake in shares of Permian Resources by 225.0% in the 3rd quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company's stock valued at $51,016,000 after purchasing an additional 2,595,137 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock worth $148,957,000 after buying an additional 1,638,618 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company's stock worth $147,107,000 after buying an additional 1,555,884 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

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.