Permian Resources (NYSE:PR) Lowered to “Neutral” Rating by Bank of America

Permian Resources (NYSE:PR) was downgraded by investment analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued on Friday, MarketBeat.com reports. They currently have a $16.00 target price on the stock, down from their prior target price of $17.00. Bank of America‘s target price would indicate a potential upside of 11.96% from the company’s current price.

Several other equities analysts have also recently issued reports on PR. Scotiabank began coverage on shares of Permian Resources in a research note on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 price objective on the stock. Royal Bank Of Canada increased their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research note on Thursday, October 9th. Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a report on Monday, December 29th. Mizuho lifted their price target on shares of Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Finally, Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a research note on Thursday, November 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.79.

Permian Resources Stock Down 0.2%

PR stock opened at $14.29 on Friday. The firm’s 50-day moving average is $14.11 and its two-hundred day moving average is $13.63. The company has a market capitalization of $11.85 billion, a price-to-earnings ratio of 13.10 and a beta of 0.66. Permian Resources has a 52 week low of $10.01 and a 52 week high of $16.03. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.22). The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.Permian Resources’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.53 EPS. On average, analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Insider Activity

In other Permian Resources news, CEO William M. Hickey III sold 467,725 shares of the business’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $6,375,091.75. Following the transaction, the chief executive officer directly owned 1,010,136 shares in the company, valued at $13,768,153.68. The trade was a 31.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Guy M. Oliphint sold 172,904 shares of the company’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the sale, the executive vice president directly owned 616,683 shares in the company, valued at $8,405,389.29. This represents a 21.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 2,210,456 shares of company stock worth $30,231,728 over the last ninety days. Corporate insiders own 6.44% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several institutional investors have recently bought and sold shares of the business. Uncommon Cents Investing LLC grew its holdings in shares of Permian Resources by 17.3% during the fourth quarter. Uncommon Cents Investing LLC now owns 16,590 shares of the company’s stock worth $233,000 after purchasing an additional 2,450 shares during the last quarter. Vaughan Nelson Investment Management L.P. lifted its position in Permian Resources by 1.0% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 3,824,931 shares of the company’s stock worth $53,664,000 after buying an additional 36,060 shares in the last quarter. Retirement Systems of Alabama grew its holdings in Permian Resources by 0.6% during the 4th quarter. Retirement Systems of Alabama now owns 833,356 shares of the company’s stock worth $11,692,000 after acquiring an additional 4,627 shares during the last quarter. Exchange Traded Concepts LLC bought a new position in shares of Permian Resources in the fourth quarter worth about $273,000. Finally, Signal Advisors Wealth LLC grew its stake in shares of Permian Resources by 28.9% during the fourth quarter. Signal Advisors Wealth LLC now owns 18,349 shares of the company’s stock valued at $257,000 after purchasing an additional 4,109 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.