Permian Resources (NYSE:PR) Earns “Outperform” Rating from Royal Bank Of Canada

Permian Resources (NYSE:PR)‘s stock had its “outperform” rating reiterated by equities researchers at Royal Bank Of Canada in a research note issued on Thursday, Benzinga reports. They presently have a $27.00 price target on the stock. Royal Bank Of Canada’s price objective points to a potential upside of 26.67% from the company’s previous close.

A number of other analysts have also recently commented on the stock. Seaport Research Partners started coverage on shares of Permian Resources in a report on Thursday, September 3rd. They set a “buy” rating and a $29.00 target price for the company. Truist Financial upped their target price on shares of Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a report on Monday, August 10th. Evercore started coverage on shares of Permian Resources in a research report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price target for the company. Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a research report on Friday, July 31st. Finally, Wells Fargo & Company upgraded shares of Permian Resources to a “strong-buy” rating in a research report on Wednesday, September 2nd. Five research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $24.83.

Permian Resources Stock Performance

PR stock traded down $0.05 during midday trading on Thursday, reaching $21.32. 8,191,616 shares of the company’s stock traded hands, compared to its average volume of 11,579,081. Permian Resources has a 52-week low of $11.92 and a 52-week high of $24.65. The stock has a market cap of $17.85 billion, a P/E ratio of 14.12 and a beta of 0.49. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The stock’s 50-day moving average is $22.18 and its 200 day moving average is $20.70.

Permian Resources (NYSE:PR) last announced its earnings results 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 analysts’ expectations of $1.66 billion. During the same period in the prior year, the company earned $0.28 earnings per share. The firm’s revenue was up 55.1% on a year-over-year basis. As a group, analysts anticipate that Permian Resources will post 2.27 EPS for the current year.

Insider Buying and Selling

In related news, EVP Robert Shannon sold 5,104 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the transaction, the executive vice president owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. This represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a legal 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 Guy Oliphint sold 5,103 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the transaction, the executive vice president owned 537,400 shares of the company’s stock, valued at approximately $12,763,250. This represents a 0.94% 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. Over the last quarter, insiders sold 15,699 shares of company stock worth $372,851. 5.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds and other institutional investors have recently modified their holdings of PR. Bank of New York Mellon Corp boosted its position in shares of Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after acquiring an additional 13,483,136 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Permian Resources during the first quarter worth $121,041,000. Westfield Capital Management Co. LP boosted its position in shares of Permian Resources by 77.2% during the fourth quarter. Westfield Capital Management Co. LP now owns 5,951,186 shares of the company’s stock worth $83,495,000 after acquiring an additional 2,593,470 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Permian Resources by 63.1% during the first quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock worth $132,824,000 after acquiring an additional 2,411,292 shares during the last quarter. Finally, First Trust Advisors LP boosted its position in shares of Permian Resources by 66.6% during the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock worth $118,636,000 after acquiring an additional 2,224,560 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.