Permian Resources (NYSE:PR) PT Lowered to $18.00 at Truist Financial

Permian Resources (NYSE:PR) had its target price reduced by Truist Financial from $22.00 to $18.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

PR has been the subject of a number of other reports. Piper Sandler reduced their price objective on shares of Permian Resources from $23.00 to $21.00 and set an overweight rating for the company in a research note on Thursday, August 15th. Susquehanna cut their price objective on shares of Permian Resources from $16.00 to $15.00 and set a neutral rating for the company in a research report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an outperform rating and issued a $20.00 target price on shares of Permian Resources in a research report on Monday, August 12th. UBS Group dropped their price target on Permian Resources from $19.00 to $18.00 and set a buy rating for the company in a report on Wednesday, September 18th. Finally, Bank of America reaffirmed a buy rating and issued a $20.00 price objective on shares of Permian Resources in a report on Friday, June 14th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus price target of $19.20.

Permian Resources Price Performance

Permian Resources stock opened at $14.34 on Monday. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28. The firm has a market capitalization of $11.04 billion, a P/E ratio of 13.04, a PEG ratio of 0.78 and a beta of 4.32. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The business has a 50-day moving average of $14.14 and a 200-day moving average of $15.71.

Permian Resources (NYSE:PR) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the business earned $0.27 EPS. The company’s revenue for the quarter was up 99.9% compared to the same quarter last year. On average, equities analysts anticipate that Permian Resources will post 1.53 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a $0.06 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 1.67%. Permian Resources’s payout ratio is 21.82%.

Insider Activity

In other news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Permian Resources

Hedge funds have recently added to or reduced their stakes in the business. YHB Investment Advisors Inc. acquired a new position in shares of Permian Resources during the first quarter worth approximately $26,000. Rise Advisors LLC bought a new position in Permian Resources during the first quarter valued at about $32,000. Innealta Capital LLC bought a new position in Permian Resources during the second quarter valued at about $30,000. Transcendent Capital Group LLC bought a new stake in Permian Resources in the first quarter worth about $36,000. Finally, Parallel Advisors LLC boosted its stake in Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after acquiring an additional 1,178 shares during the last quarter. 91.84% of the stock is currently 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.