Truist Financial Raises Permian Resources (NASDAQ:PR) Price Target to $23.00

Permian Resources (NASDAQ:PR) had its price target lifted by Truist Financial from $22.00 to $23.00 in a research note released on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

PR has been the topic of a number of other reports. Piper Sandler upped their price target on Permian Resources from $22.00 to $23.00 and gave the company an overweight rating in a research report on Friday, April 19th. Mizuho boosted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a research note on Monday, April 15th. Stifel Nicolaus raised their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a research note on Friday, March 22nd. Bank of America assumed coverage on shares of Permian Resources in a research report on Friday, January 5th. They set a neutral rating and a $15.00 target price for the company. Finally, Benchmark raised their price target on Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $19.31.

Permian Resources Stock Up 0.5 %

Shares of PR opened at $17.26 on Monday. The company has a 50-day simple moving average of $16.58 and a 200-day simple moving average of $14.65. The firm has a market capitalization of $13.32 billion, a P/E ratio of 14.88 and a beta of 4.35. Permian Resources has a 52 week low of $8.94 and a 52 week high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. On average, equities research analysts expect that Permian Resources will post 1.72 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 annualized dividend and a yield of 1.16%. Permian Resources’s payout ratio is presently 17.24%.

Insider Buying and Selling at Permian Resources

In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the sale, the insider now owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares in the company, valued at $400,251,949.17. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John Charles Bell sold 500,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $7,855,000.00. Following the sale, the executive vice president now owns 53,517 shares of the company’s stock, valued at $840,752.07. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock worth $516,796,999 over the last ninety days. 23.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after acquiring an additional 19,847,358 shares during the last quarter. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Permian Resources in the 4th quarter valued at $353,683,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Permian Resources by 96.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock worth $178,961,000 after buying an additional 6,464,093 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Permian Resources by 16.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock worth $145,546,000 after buying an additional 1,544,525 shares during the last quarter. Finally, OnyxPoint Global Management LP bought a new position in shares of Permian Resources in the fourth quarter worth about $114,159,000. 91.84% of the stock is owned by institutional investors.

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.