Permian Resources (NASDAQ:PR – Free Report) had its price target raised by Benchmark from $14.00 to $16.00 in a report published on Wednesday, Benzinga reports. The brokerage currently has a buy rating on the stock.
A number of other equities analysts also recently commented on the company. Susquehanna increased their price objective on Permian Resources from $14.00 to $16.00 and gave the stock a neutral rating in a report on Wednesday. UBS Group increased their price objective on Permian Resources from $15.00 to $16.00 and gave the stock a neutral rating in a report on Wednesday, October 4th. Stifel Nicolaus increased their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a report on Tuesday, September 5th. Mizuho increased their price objective on Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a report on Tuesday, August 22nd. Finally, Citigroup increased their price objective on Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a report on Monday, October 16th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $16.33.
Get Our Latest Research Report on Permian Resources
Permian Resources Price Performance
NASDAQ PR opened at $15.05 on Wednesday. The stock’s 50-day moving average price is $13.77 and its two-hundred day moving average price is $11.69. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.35. The company has a market cap of $8.52 billion, a PE ratio of 10.17 and a beta of 4.42. Permian Resources has a 1 year low of $8.43 and a 1 year high of $15.49.
Permian Resources (NASDAQ:PR – Get Free Report) last posted its quarterly earnings data on Wednesday, August 2nd. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.06). The company had revenue of $623.40 million for the quarter, compared to analyst estimates of $660.10 million. Permian Resources had a return on equity of 10.67% and a net margin of 18.93%. Permian Resources’s quarterly revenue was up 31.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.61 EPS. On average, analysts predict that Permian Resources will post 1.46 EPS for the current year.
Permian Resources Dividend Announcement
The business also recently disclosed a Special dividend, which was paid on Wednesday, August 23rd. Shareholders of record on Tuesday, August 15th were paid a dividend of $0.05 per share. The ex-dividend date was Monday, August 14th. This represents a yield of 1.73%. Permian Resources’s dividend payout ratio is currently 13.51%.
Insiders Place Their Bets
In other Permian Resources news, major shareholder Xi Us Holdings L.P. Ngp sold 24,667,500 shares of the stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $12.69, for a total transaction of $313,030,575.00. Following the completion of the transaction, the insider now directly owns 44,359,656 shares in the company, valued at $562,924,034.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, major shareholder Xi Us Holdings L.P. Ngp sold 24,667,500 shares of the firm’s stock in a transaction on Friday, September 22nd. The stock was sold at an average price of $12.69, for a total value of $313,030,575.00. Following the completion of the sale, the insider now directly owns 44,359,656 shares in the company, valued at $562,924,034.64. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Matthew R. Garrison sold 330,059 shares of the firm’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $11.23, for a total value of $3,706,562.57. Following the completion of the sale, the chief operating officer now owns 1,488,451 shares of the company’s stock, valued at $16,715,304.73. The disclosure for this sale can be found here. Insiders sold 25,582,363 shares of company stock worth $323,964,402 over the last three months. 23.14% of the stock is currently owned by corporate insiders.
Institutional Trading of Permian Resources
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PR. Vanguard Group Inc. acquired a new stake in Permian Resources in the third quarter worth about $112,804,000. State Street Corp acquired a new stake in Permian Resources in the third quarter worth about $100,979,000. Woodline Partners LP acquired a new stake in Permian Resources in the second quarter worth about $69,964,000. Macquarie Group Ltd. acquired a new stake in Permian Resources in the first quarter worth about $59,302,000. Finally, Millennium Management LLC boosted its holdings in Permian Resources by 1,609.9% during the fourth quarter. Millennium Management LLC now owns 4,870,577 shares of the company’s stock worth $45,783,000 after buying an additional 4,585,728 shares during the last quarter. 53.49% of the stock is currently owned by institutional investors and hedge funds.
About Permian Resources
(Get Free Report)
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. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company’s properties consist of acreage blocks in Reeves County, West Texas and Lea County, New Mexico.
Further Reading
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