Permian Resources (NYSE:PR) Given Outperform Rating at Royal Bank Of Canada

Permian Resources (NYSE:PR)‘s stock had its “outperform” rating reissued by stock analysts at Royal Bank Of Canada in a report issued on Thursday, September 24th, Benzinga reports. They currently have a $27.00 target price on the stock. Royal Bank Of Canada’s target price would suggest a potential upside of 27.76% from the stock’s previous close.

Several other brokerages also recently weighed in on PR. Truist Financial lifted their price objective on shares of Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Stifel Nicolaus started coverage on shares of Permian Resources in a research report on Thursday, September 10th. They set a “buy” rating and a $30.00 price target on the stock. Roth Capital set a $23.00 price target on shares of Permian Resources and gave the stock a “buy” rating in a research report on Monday, June 22nd. Wells Fargo & Company upgraded shares of Permian Resources to a “strong-buy” rating in a research report on Wednesday, September 2nd. Finally, Evercore started coverage on shares of Permian Resources in a research report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price target on the stock. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $24.83.

Permian Resources Trading Down 0.3%

Shares of NYSE:PR opened at $21.13 on Thursday. The company has a market cap of $17.70 billion, a PE ratio of 14.00 and a beta of 0.49. The company’s 50-day moving average price is $22.20 and its 200 day moving average price is $20.75. Permian Resources has a fifty-two week low of $11.92 and a fifty-two week high of $24.65. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. Permian Resources’s quarterly revenue was up 55.1% compared to the same quarter last year. During the same period last year, the firm posted $0.28 EPS. Sell-side analysts anticipate that Permian Resources will post 2.27 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP John Bell sold 5,492 shares of the business’s stock in a transaction 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 directly owned 1,561,680 shares in the company, valued at approximately $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the transaction, the executive vice president owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. The trade was a 0.38% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 15,699 shares of company stock valued at $372,851 over the last ninety days. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP grew its holdings in shares of Permian Resources by 3.9% in the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock worth $371,074,000 after purchasing an additional 763,059 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Permian Resources by 115.5% in 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 purchasing an additional 13,483,136 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Permian Resources by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 13,291,523 shares of the company’s stock valued at $186,534,000 after purchasing an additional 382,777 shares during the last quarter. Jennison Associates LLC boosted its stake 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 valued at $132,824,000 after purchasing an additional 2,411,292 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in shares of Permian Resources in the 1st quarter valued at approximately $121,041,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.