Permian Resources (NYSE:PR) Coverage Initiated by Analysts at The Goldman Sachs Group

The Goldman Sachs Group initiated coverage on shares of Permian Resources (NYSE:PR) in a research note issued to investors on Monday, Marketbeat.com reports. The brokerage issued a buy rating and a $19.00 price target on the stock.

Several other research analysts have also commented on PR. Mizuho decreased their price objective on shares of Permian Resources from $22.00 to $19.00 and set an outperform rating for the company in a report on Monday, September 16th. Citigroup decreased their price target on shares of Permian Resources from $20.00 to $18.00 and set a buy rating for the company in a research note on Friday, August 9th. JPMorgan Chase & Co. cut their price objective on Permian Resources from $20.00 to $17.00 and set an overweight rating on the stock in a research report on Thursday, September 12th. Bank of America reissued a buy rating and issued a $20.00 target price on shares of Permian Resources in a research report on Friday, June 14th. Finally, BMO Capital Markets upgraded Permian Resources from a market perform rating to an outperform rating and set a $21.00 price target on the stock in a research report on Wednesday, July 3rd. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $19.20.

Permian Resources Stock Performance

Shares of NYSE:PR opened at $14.34 on Monday. 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 company has a 50-day moving average price of $14.14 and a 200-day moving average price of $15.71. The company has a market cap of $11.04 billion, a price-to-earnings ratio of 13.04, a price-to-earnings-growth ratio of 0.78 and a beta of 4.32. Permian Resources has a 12 month low of $12.34 and a 12 month high of $18.28.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business’s revenue was up 99.9% on a year-over-year basis. During the same quarter last year, the business posted $0.27 EPS. As a group, equities analysts anticipate that Permian Resources will post 1.53 EPS for the current year.

Permian Resources Announces Dividend

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

Insider Activity

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of Permian Resources 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 $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were 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 owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the business’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 sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds have recently modified their holdings of PR. Park Avenue Securities LLC lifted its stake in shares of Permian Resources by 31.5% during the 3rd quarter. Park Avenue Securities LLC now owns 13,818 shares of the company’s stock valued at $188,000 after buying an additional 3,307 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Permian Resources in the second quarter worth about $3,429,000. Sanctuary Advisors LLC purchased a new stake in shares of Permian Resources during the second quarter worth about $607,000. Teachers Retirement System of The State of Kentucky lifted its holdings in Permian Resources by 27.0% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 158,900 shares of the company’s stock worth $2,566,000 after purchasing an additional 33,800 shares in the last quarter. Finally, Truist Financial Corp bought a new position in Permian Resources in the 2nd quarter worth approximately $9,473,000. 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.