Permian Resources (NYSE:PR) Given “Strong-Buy” Rating at Raymond James

Permian Resources (NYSE:PR)‘s stock had its “strong-buy” rating reissued by equities research analysts at Raymond James in a report issued on Monday,Benzinga reports. They currently have a $23.00 target price on the stock, up from their previous target price of $20.00. Raymond James’ price target points to a potential upside of 73.32% from the company’s current price.

Other equities analysts have also issued research reports about the company. Williams Trading set a $19.00 price target on Permian Resources in a research report on Wednesday, March 5th. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. UBS Group increased their price objective on Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Susquehanna reduced their price objective on Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. Finally, Royal Bank of Canada raised their price target on Permian Resources from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus price target of $18.63.

Permian Resources Stock Performance

Shares of PR stock traded down $0.24 on Monday, hitting $13.27. 3,881,817 shares of the stock traded hands, compared to its average volume of 9,691,849. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market capitalization of $10.66 billion, a PE ratio of 8.05, a PEG ratio of 4.05 and a beta of 1.20. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.95. The company’s fifty day moving average is $12.58 and its 200 day moving average is $13.90.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company had revenue of $1.38 billion during the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the business earned $0.25 earnings per share. Permian Resources’s quarterly revenue was up 10.7% on a year-over-year basis. On average, equities research analysts predict that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 4,150 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.99, for a total value of $58,058.50. Following the transaction, the chief financial officer now owns 130,467 shares of the company’s stock, valued at approximately $1,825,233.33. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William J. Quinn bought 500,000 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This trade represents a 160.04% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 9,685 shares of company stock valued at $135,687 in the last 90 days. 6.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

Hedge funds have recently modified their holdings of the business. Principal Securities Inc. raised its position in shares of Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares during the period. Allworth Financial LP increased its position in shares of Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after purchasing an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in shares of Permian Resources during the 1st quarter worth approximately $30,000. Global Retirement Partners LLC increased its position in shares of Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after purchasing an additional 1,232 shares during the last quarter. Finally, Rakuten Securities Inc. increased its position in shares of Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after purchasing an additional 2,305 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

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.