Permian Resources (NYSE:PR) Research Coverage Started at The Goldman Sachs Group

by · The Markets Daily

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

A number of other research analysts have also recently commented on the company. Truist Financial increased their target price on Permian Resources from $21.00 to $22.00 and gave the company a buy rating in a research note on Tuesday, July 30th. UBS Group dropped their target price on shares of Permian Resources from $19.00 to $18.00 and set a buy rating for the company in a report on Wednesday, September 18th. Wolfe Research initiated coverage on shares of Permian Resources in a report on Thursday, July 18th. They set a peer perform rating for the company. JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $20.00 to $17.00 and set an overweight rating for the company in a report on Thursday, September 12th. Finally, Susquehanna lowered their price objective on shares of Permian Resources from $16.00 to $15.00 and set a neutral rating for the company in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Permian Resources presently has a consensus rating of Moderate Buy and a consensus target price of $19.20.

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Permian Resources Trading Up 1.4 %

Permian Resources stock opened at $14.00 on Monday. The stock has a market cap of $11.24 billion, a P/E ratio of 12.73, a PEG ratio of 0.78 and a beta of 4.33. Permian Resources has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The firm’s fifty day moving average price is $14.14 and its 200-day moving average price is $15.71. 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 (NYSE:PR – Get Free Report) last released its quarterly earnings results 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 firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business’s quarterly revenue was up 99.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. Equities research analysts forecast that Permian Resources will post 1.53 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.71%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s dividend payout ratio is presently 21.82%.

Insider Buying and Selling

In related news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction 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 transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the 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 transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

Hedge funds have recently made changes to their positions in the business. Simplicity Wealth LLC raised its position in Permian Resources by 5.2% in the 2nd 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 period. GAMMA Investing LLC raised its position 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 purchasing an additional 716 shares during the period. Azzad Asset Management Inc. ADV raised its position in Permian Resources by 2.0% in the 1st quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock worth $677,000 after purchasing an additional 740 shares during the period. Mount Yale Investment Advisors LLC raised its position in Permian Resources by 3.1% in the 1st quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after purchasing an additional 781 shares during the period. Finally, Larson Financial Group LLC increased its position 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 worth $3,379,000 after acquiring an additional 949 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Company Profile

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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.

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