Permian Resources (NASDAQ:PR) Given New $20.00 Price Target at JPMorgan Chase & Co.

Permian Resources (NASDAQ:PR) had its price target increased by JPMorgan Chase & Co. from $18.00 to $20.00 in a report issued on Friday, Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts have also issued reports on the stock. Benchmark upped their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a research report on Tuesday, March 5th. Piper Sandler boosted their target price on Permian Resources from $17.00 to $22.00 and gave the stock an overweight rating in a research report on Thursday, March 7th. Susquehanna increased their price target on shares of Permian Resources from $15.00 to $16.00 and gave the company a neutral rating in a research report on Thursday, February 29th. Royal Bank of Canada restated an outperform rating and issued a $17.00 price objective on shares of Permian Resources in a report on Tuesday, March 5th. Finally, UBS Group decreased their target price on shares of Permian Resources from $15.00 to $14.00 and set a neutral rating on the stock in a research report on Thursday, December 14th. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $18.77.

Permian Resources Price Performance

Permian Resources stock opened at $17.70 on Friday. The firm has a market capitalization of $13.66 billion, a P/E ratio of 15.26 and a beta of 4.35. Permian Resources has a one year low of $8.94 and a one year high of $18.28. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The business has a fifty day moving average price of $16.06 and a 200-day moving average price of $14.46.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. As a group, equities research analysts forecast that Permian Resources will post 1.69 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.13%. The ex-dividend date of this dividend was Tuesday, March 12th. Permian Resources’s dividend payout ratio is currently 17.24%.

Insider Buying and Selling

In other news, Director William J. Quinn sold 18,076,849 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the transaction, the director now directly owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the sale, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the transaction, the director now owns 71,056,620 shares in the company, valued at approximately $1,116,299,500.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,916,943 shares of company stock worth $516,796,999. 23.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC increased its stake in shares of Permian Resources by 317.9% in the third quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after purchasing an additional 18,398 shares in the last quarter. Zweig DiMenna Associates LLC lifted its position in shares of Permian Resources by 35.6% in the third quarter. Zweig DiMenna Associates LLC now owns 501,300 shares of the company’s stock valued at $6,998,000 after acquiring an additional 131,500 shares in the last quarter. Comerica Bank boosted its stake in shares of Permian Resources by 110,645.5% in the third quarter. Comerica Bank now owns 946,874 shares of the company’s stock worth $13,218,000 after acquiring an additional 946,019 shares during the period. Vaughan Nelson Investment Management L.P. grew its position in shares of Permian Resources by 7.2% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company’s stock worth $42,584,000 after purchasing an additional 210,870 shares in the last quarter. Finally, Algert Global LLC raised its stake in Permian Resources by 530.0% during the 3rd quarter. Algert Global LLC now owns 104,390 shares of the company’s stock valued at $1,457,000 after purchasing an additional 87,820 shares during the period. 91.84% of the stock is owned by institutional investors.

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.