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

Permian Resources (NASDAQ:PR) had its price objective cut by Piper Sandler from $23.00 to $21.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also recently issued reports on PR. Truist Financial increased their target price on shares of Permian Resources from $21.00 to $22.00 and gave the stock a buy rating in a research note on Tuesday, July 30th. Susquehanna dropped their price objective on Permian Resources from $18.00 to $16.00 and set a neutral rating for the company in a research note on Thursday, August 8th. Bank of America restated a buy rating and issued a $20.00 target price on shares of Permian Resources in a research note on Friday, June 14th. BMO Capital Markets upgraded Permian Resources from a market perform rating to an outperform rating and set a $21.00 price target for the company in a research report on Wednesday, July 3rd. Finally, Wolfe Research began coverage on Permian Resources in a report on Thursday, July 18th. They set a peer perform rating for the company. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $20.00.

Permian Resources Price Performance

Shares of NASDAQ PR opened at $14.87 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. Permian Resources has a fifty-two week low of $12.24 and a fifty-two week high of $18.28. The stock has a market cap of $11.45 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 0.57 and a beta of 4.37. The stock has a fifty day moving average of $15.51 and a 200-day moving average of $15.94.

Permian Resources (NASDAQ:PR) last posted its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the previous year, the firm earned $0.27 EPS. The company’s quarterly revenue was up 99.9% compared to the same quarter last year. Equities research analysts anticipate that Permian Resources will post 1.7 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Investors of record on Monday, August 19th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Monday, August 19th. Permian Resources’s dividend payout ratio is currently 21.82%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PR. Simplicity Wealth LLC grew its holdings in shares of Permian Resources by 5.2% in the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock worth $212,000 after purchasing an additional 646 shares during the last quarter. GAMMA Investing LLC grew its holdings in Permian Resources by 19.6% in the 2nd quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after acquiring an additional 716 shares during the last quarter. Azzad Asset Management Inc. ADV increased its position in shares of Permian Resources by 2.0% in the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock valued at $677,000 after acquiring an additional 740 shares during the period. Mount Yale Investment Advisors LLC increased its position in shares of Permian Resources by 3.1% in the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock valued at $454,000 after acquiring an additional 781 shares during the period. Finally, Larson Financial Group LLC raised its stake in shares of Permian Resources by 0.5% during the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock valued at $3,379,000 after acquiring an additional 949 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.