Permian Resources Co. (NYSE:PR) Given Consensus Recommendation of "Moderate Buy" by Analysts

Permian Resources Co. (NYSE:PR - Get Free Report) has earned a consensus rating of "Moderate Buy" from the sixteen brokerages that are covering the company, MarketBeat.com reports. Two equities 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 objective among brokers that have updated their coverage on the stock in the last year is $18.93.

A number of analysts have commented on PR shares. UBS Group reduced their price objective on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, September 18th. Piper Sandler upped their price target on shares of Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Monday, November 18th. Royal Bank of Canada reiterated an "outperform" rating and set a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. The Goldman Sachs Group assumed coverage on shares of Permian Resources in a research note on Monday, September 30th. They set a "buy" rating and a $19.00 target price on the stock. Finally, Wells Fargo & Company decreased their target price on Permian Resources from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Tuesday, October 1st.

Institutional Trading of Permian Resources

Several large investors have recently added to or reduced their stakes in PR. State Street Corp boosted its stake in shares of Permian Resources by 6.1% during the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company's stock worth $299,790,000 after acquiring an additional 1,263,460 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in 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 worth $247,042,000 after purchasing an additional 1,543,854 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock worth $194,585,000 after purchasing an additional 4,497,184 shares during the period. Geode Capital Management LLC grew its holdings in Permian Resources by 17.6% during the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock valued at $148,957,000 after purchasing an additional 1,638,618 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Permian Resources by 20.6% in the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company's stock valued at $147,107,000 after purchasing an additional 1,555,884 shares during the period. 91.84% of the stock is owned by institutional investors.

Permian Resources Price Performance

Shares of NYSE PR traded up $0.13 during trading on Monday, hitting $14.80. The company had a trading volume of 6,525,102 shares, compared to its average volume of 9,924,719. Permian Resources has a 52 week low of $12.47 and a 52 week high of $18.28. The business's 50-day moving average is $14.60 and its 200 day moving average is $14.86. The company has a market cap of $11.89 billion, a P/E ratio of 8.89, a PEG ratio of 0.88 and a beta of 4.35. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the firm earned $0.36 earnings per share. Permian Resources's revenue for the quarter was up 60.3% compared to the same quarter last year. Equities research analysts predict that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.05%. This is a positive change from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources's payout ratio is currently 36.36%.

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.