Permian Resources (NYSE:PR) Rating Increased to Hold at Zacks Research

Permian Resources (NYSE:PR) was upgraded by research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a report on Monday, December 29th. Wall Street Zen raised Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Benchmark reissued a “buy” rating on shares of Permian Resources in a research note on Monday, February 2nd. UBS Group upped their price objective on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, December 12th. Finally, Bank of America reissued a “neutral” rating and set a $16.00 target price (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $18.71.

Permian Resources Stock Up 1.3%

Shares of PR opened at $17.89 on Wednesday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The business has a fifty day moving average of $15.07 and a 200 day moving average of $14.01. The company has a market cap of $14.83 billion, a PE ratio of 16.41 and a beta of 0.77. Permian Resources has a 52-week low of $10.01 and a 52-week high of $18.14.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 172,904 shares of the stock in a transaction on 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 owned 616,683 shares of the company’s stock, valued at approximately $8,405,389.29. This trade represents a 21.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William M. Hickey III sold 467,725 shares of Permian Resources stock in a transaction on 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 completion of the transaction, the chief executive officer owned 1,010,136 shares in the company, valued at $13,768,153.68. This represents a 31.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 2,210,456 shares of company stock worth $30,231,728. Insiders own 6.44% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC lifted its position in Permian Resources by 114.1% during the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after acquiring an additional 1,047 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after purchasing an additional 1,391 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of Permian Resources during the 2nd quarter valued at $36,000. Parkside Financial Bank & Trust boosted its position in shares of Permian Resources by 90.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after purchasing an additional 1,357 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in Permian Resources during the 4th quarter worth $39,000. Hedge funds and other 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.