Permian Resources (NASDAQ:PR) Price Target Cut to $21.00

Permian Resources (NASDAQ:PR) had its target price trimmed by Truist Financial from $24.00 to $21.00 in a research report sent to investors on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Company increased their price target on Permian Resources from $18.00 to $21.00 and gave the stock an overweight rating in a report on Wednesday, April 17th. Susquehanna increased their price target on Permian Resources from $16.00 to $18.00 and gave the stock a neutral rating in a report on Monday, April 22nd. Wolfe Research assumed coverage on Permian Resources in a report on Thursday, July 18th. They set a peer perform rating for the company. Raymond James assumed coverage on Permian Resources in a report on Tuesday, April 9th. They set a strong-buy rating and a $24.00 price target for the company. Finally, Royal Bank of Canada reaffirmed an outperform rating and set a $20.00 price target on shares of Permian Resources in a report on Thursday, July 11th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $20.43.

Permian Resources Stock Up 0.4 %

PR stock opened at $15.38 on Monday. The company’s 50 day moving average price is $15.89 and its 200 day moving average price is $15.76. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55. Permian Resources has a fifty-two week low of $10.93 and a fifty-two week high of $18.28. The firm has a market capitalization of $11.84 billion, a price-to-earnings ratio of 13.98, a PEG ratio of 0.64 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. On average, equities research analysts anticipate that Permian Resources will post 1.71 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, May 20th. This represents a $0.24 dividend on an annualized basis and a yield of 1.56%. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio (DPR) is 21.82%.

Insider Activity

In other news, Director Jeffrey Tepper sold 65,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the transaction, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Verdence Capital Advisors LLC increased its position in Permian Resources by 3.1% during the 2nd quarter. Verdence Capital Advisors LLC now owns 260,663 shares of the company’s stock worth $4,210,000 after purchasing an additional 7,915 shares in the last quarter. AlphaCentric Advisors LLC increased its position in Permian Resources by 102.6% during the 2nd quarter. AlphaCentric Advisors LLC now owns 15,168 shares of the company’s stock worth $245,000 after purchasing an additional 7,683 shares in the last quarter. Bank of New York Mellon Corp increased its position in Permian Resources by 59.6% during the 2nd 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 in the last quarter. Gilliland Jeter Wealth Management LLC purchased a new stake in Permian Resources during the 2nd quarter worth about $40,000. Finally, Retirement Systems of Alabama increased its position in Permian Resources by 9.8% during the 2nd quarter. Retirement Systems of Alabama now owns 633,912 shares of the company’s stock worth $10,238,000 after purchasing an additional 56,576 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.