Permian Resources (NASDAQ:PR) Coverage Initiated by Analysts at Wolfe Research

Wolfe Research assumed coverage on shares of Permian Resources (NASDAQ:PR) in a report issued on Thursday, MarketBeat.com reports. The brokerage issued a peer perform rating on the stock.

Several other analysts have also weighed in on the company. JPMorgan Chase & Co. boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the company an overweight rating in a report on Friday, April 12th. Mizuho boosted their price target on Permian Resources from $20.00 to $21.00 and gave the company a buy rating in a report on Wednesday, May 8th. Piper Sandler raised their price objective on Permian Resources from $22.00 to $23.00 and gave the stock an overweight rating in a research note on Friday, April 19th. Susquehanna lifted their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the stock a neutral rating in a report on Monday, April 22nd. Finally, Benchmark reissued a buy rating and set a $17.00 target price on shares of Permian Resources in a report on Tuesday, April 23rd. 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 data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and an average target price of $20.57.

Permian Resources Stock Performance

Permian Resources stock opened at $16.09 on Thursday. Permian Resources has a 52 week low of $10.93 and a 52 week high of $18.28. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42. The stock has a market cap of $12.39 billion, a P/E ratio of 11.49, a price-to-earnings-growth ratio of 0.64 and a beta of 4.37. The stock has a 50 day moving average of $15.98 and a 200-day moving average of $15.73.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. On average, analysts expect that Permian Resources will post 1.74 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend was Monday, May 20th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio is currently 21.82%.

Insider Buying and Selling at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction dated 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 transaction, the director now owns 158,665 shares of the company’s stock, valued at approximately $2,605,279.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 12.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Global Retirement Partners LLC purchased a new stake in Permian Resources in the 1st quarter worth about $25,000. YHB Investment Advisors Inc. purchased a new stake in shares of Permian Resources in the first quarter worth approximately $26,000. Parallel Advisors LLC boosted its holdings in shares of Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after purchasing an additional 1,178 shares during the period. Rise Advisors LLC acquired a new stake in shares of Permian Resources during the first quarter worth approximately $32,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in Permian Resources in the 4th quarter valued at approximately $33,000. Institutional investors and hedge funds 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.