Permian Resources (NYSE:PR) Raised to “Strong-Buy” at Zacks Research

Permian Resources (NYSE:PR) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday, Zacks reports.

Several other equities analysts have also issued reports on the company. Raymond James Financial restated a “strong-buy” rating and set a $29.00 price target on shares of Permian Resources in a research note on Thursday, August 27th. KeyCorp lifted their price objective on Permian Resources from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, September 15th. UBS Group boosted their price objective on Permian Resources from $24.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, September 14th. Wells Fargo & Company upgraded Permian Resources to a “strong-buy” rating in a research note on Wednesday, September 2nd. Finally, Wall Street Zen upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Six research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $24.83.

Permian Resources Stock Performance

NYSE PR opened at $22.16 on Tuesday. The company’s fifty day moving average is $22.35 and its two-hundred day moving average is $20.84. Permian Resources has a 52-week low of $11.92 and a 52-week high of $24.65. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The firm has a market capitalization of $18.56 billion, a price-to-earnings ratio of 14.68 and a beta of 0.66.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the business earned $0.28 earnings per share. The firm’s revenue for the quarter was up 55.1% on a year-over-year basis. Equities research analysts forecast that Permian Resources will post 2.27 EPS for the current year.

Insiders Place Their Bets

In other Permian Resources news, EVP Robert Shannon sold 5,104 shares of Permian Resources stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the sale, the executive vice president directly owned 1,346,698 shares of the company’s stock, valued at approximately $31,984,077.50. The trade was a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the sale, the executive vice president owned 1,561,680 shares in the company, valued at approximately $37,089,900. This represents a 0.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 15,699 shares of company stock worth $372,851 over the last quarter. Company insiders own 5.00% of the company’s stock.

Institutional Trading of Permian Resources

A number of large investors have recently bought and sold shares of PR. Wellington Management Group LLP lifted its holdings in shares of Permian Resources by 3.9% during the second quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after acquiring an additional 763,059 shares during the period. Jennison Associates LLC grew its holdings in shares of Permian Resources by 63.1% in the 1st quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock worth $132,824,000 after purchasing an additional 2,411,292 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Permian Resources in the 1st quarter worth about $121,041,000. First Trust Advisors LP increased its position in shares of Permian Resources by 66.6% during the 1st quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock worth $118,636,000 after purchasing an additional 2,224,560 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Permian Resources by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock worth $100,911,000 after purchasing an additional 85,509 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.