Shares of Permian Resources Corporation (NYSE:PR – Get Free Report) have been given a consensus recommendation of “Buy” by the twenty-two analysts that are currently covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and four have assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $23.5294.
Several research firms have recently commented on PR. The Goldman Sachs Group upped their price objective on shares of Permian Resources from $17.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, March 11th. Citigroup upped their price target on shares of Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, March 31st. KeyCorp started coverage on Permian Resources in a research report on Tuesday, April 7th. They set an “overweight” rating and a $25.00 price target on the stock. Piper Sandler lifted their price objective on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Finally, BMO Capital Markets raised Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th.
Read Our Latest Research Report on Permian Resources
Permian Resources Stock Performance
Permian Resources (NYSE:PR – Get Free Report) last released its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the previous year, the company posted $0.44 earnings per share. The company’s revenue was up .9% compared to the same quarter last year. As a group, sell-side analysts forecast that Permian Resources will post 1.97 EPS for the current fiscal year.
Permian Resources Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. Permian Resources’s payout ratio is presently 74.42%.
Insider Buying and Selling
In other news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 5.00% of the company’s stock.
Institutional Trading of Permian Resources
Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its position in shares of Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after acquiring an additional 13,483,136 shares during the period. Boston Partners increased its stake in shares of Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after purchasing an additional 7,503,654 shares in the last quarter. Millennium Management LLC raised its holdings in Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after purchasing an additional 6,678,814 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in Permian Resources during the first quarter worth approximately $121,041,000. Finally, Dimensional Fund Advisors LP boosted its position in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after purchasing an additional 4,533,732 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.
Permian Resources Company Profile
Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.
Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.
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