Wall Street Zen upgraded shares of Permian Resources (NYSE:PR – Free Report) from a hold rating to a strong-buy rating in a research report released on Saturday morning.
PR has been the subject of several other reports. Wells Fargo & Company set a $26.00 target price on Permian Resources in a research note on Monday, May 25th. Mizuho raised shares of Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Zacks Research lowered shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Raymond James Financial reduced their price objective on shares of Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a research report on Wednesday, June 17th. Finally, Evercore started coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price objective on the stock. Five research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $23.29.
Get Our Latest Stock Analysis on Permian Resources
Permian Resources Price Performance
Permian Resources (NYSE:PR – Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the business posted $0.44 earnings per share. Permian Resources’s revenue for the quarter was up .9% on a year-over-year basis. Sell-side analysts predict that Permian Resources will post 2.03 earnings per share for the current fiscal year.
Permian Resources Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.16 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.2%. Permian Resources’s dividend payout ratio (DPR) is presently 74.42%.
Insider Transactions at Permian Resources
In other news, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction 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 completion of the sale, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.00% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Permian Resources
Several hedge funds and other institutional investors have recently modified their holdings of PR. SHP Wealth Management purchased a new stake in Permian Resources during the 4th quarter valued at about $27,000. SJS Investment Consulting Inc. lifted its stake in Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after purchasing an additional 1,341 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in Permian Resources in the 4th quarter worth approximately $39,000. State of Wyoming boosted its holdings in shares of Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares during the last quarter. Finally, Cedar Mountain Advisors LLC acquired a new position in shares of Permian Resources during the 1st quarter worth approximately $48,000. 91.84% of the stock is owned by hedge funds and other institutional investors.
About Permian Resources
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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