Permian Resources (NYSE:PR) Reaches New 12-Month High on Analyst Upgrade

Permian Resources Corporation (NYSE:PR) hit a new 52-week high during trading on Tuesday after TD Cowen upgraded the stock to a strong-buy rating. The stock traded as high as $17.29 and last traded at $17.14, with a volume of 13510297 shares. The stock had previously closed at $16.93.

A number of other equities analysts have also commented on PR. The Goldman Sachs Group increased their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Wells Fargo & Company raised their price target on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, January 27th. Zacks Research lowered Permian Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 20th. Morgan Stanley decreased their price objective on Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Finally, Susquehanna reduced their price target on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a research report on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.71.

Insider Buying and Selling

In other Permian Resources news, CEO James H. Walter sold 467,700 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the transaction, the chief executive officer owned 1,010,138 shares in the company, valued at approximately $13,768,180.94. This represents a 31.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO William M. Hickey III sold 467,725 shares of the firm’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the completion of the transaction, the chief executive officer directly owned 1,010,136 shares of the company’s stock, valued at approximately $13,768,153.68. This represents a 31.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,210,456 shares of company stock valued at $30,231,728 in the last 90 days. 6.44% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Permian Resources by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock valued at $1,057,930,000 after purchasing an additional 3,941,318 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Permian Resources by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after acquiring an additional 4,533,732 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after acquiring an additional 13,483,136 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Permian Resources by 8.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after purchasing an additional 1,421,059 shares in the last quarter. Finally, Boston Partners raised its holdings in Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after purchasing an additional 7,503,654 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Stock Performance

The company has a market capitalization of $13.97 billion, a price-to-earnings ratio of 12.10 and a beta of 0.77. The firm has a fifty day simple moving average of $14.77 and a 200 day simple moving average of $13.88. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67.

About Permian Resources

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.