Piper Sandler Forecasts Strong Price Appreciation for Permian Resources (NYSE:PR) Stock

Permian Resources (NYSE:PR - Free Report) had its target price raised by Piper Sandler from $20.00 to $21.00 in a research report sent to investors on Monday,Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other research firms have also commented on PR. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. 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 report on Wednesday, September 18th. Citigroup reduced their price objective on Permian Resources from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Friday, August 9th. Truist Financial upped their target price on Permian Resources from $18.00 to $20.00 and gave the company a "buy" rating in a report on Friday, November 8th. Finally, Susquehanna decreased their price target on shares of Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, September 4th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Permian Resources has a consensus rating of "Moderate Buy" and a consensus price target of $18.93.

Permian Resources Price Performance

Shares of PR traded up $0.35 during trading hours on Monday, hitting $15.15. 6,935,925 shares of the company were exchanged, compared to its average volume of 10,060,873. The firm has a fifty day simple moving average of $14.07 and a 200-day simple moving average of $14.98. The company has a market capitalization of $12.16 billion, a PE ratio of 9.18, a PEG ratio of 0.89 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources has a one year low of $12.34 and a one year high of $18.28.

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. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.22 billion. During the same quarter last year, the business posted $0.36 EPS. Permian Resources's revenue was up 60.3% on a year-over-year basis. As a group, sell-side analysts predict that Permian Resources will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

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

Insider Activity

In other news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The trade was a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares of the company's stock, valued at approximately $855,288.07. The trade was a 7.28 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company's stock.

Institutional Trading of Permian Resources

A number of hedge funds have recently bought and sold shares of PR. Vanguard Group Inc. raised its stake in shares of Permian Resources by 11.2% in the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company's stock valued at $949,189,000 after purchasing an additional 5,432,654 shares in the last quarter. State Street Corp lifted its holdings 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 during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Permian Resources by 9.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company's stock valued at $247,042,000 after acquiring an additional 1,543,854 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock valued at $194,585,000 after acquiring an additional 4,497,184 shares during the period. Finally, Geode Capital Management LLC raised its position in Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock worth $148,957,000 after purchasing an additional 1,638,618 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

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.