Permian Resources (NYSE:PR) Stock Gets Downgrade from Wall Street Zen

Permian Resources (NYSE:PR) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Saturday, Wall Street Zen reports.

PR has been the subject of a number of other reports. KeyCorp upped their price target on Permian Resources from $25.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, September 15th. Susquehanna raised their price objective on shares of Permian Resources from $25.00 to $30.00 and gave the stock a “positive” rating in a report on Tuesday, October 20th. Royal Bank Of Canada reissued an “outperform” rating and set a $27.00 price objective on shares of Permian Resources in a report on Thursday, September 24th. Raymond James Financial restated a “strong-buy” rating and set a $34.00 price objective on shares of Permian Resources in a research report on Monday, November 2nd. Finally, Seaport Research Partners assumed coverage on shares of Permian Resources in a report on Thursday, September 3rd. They issued a “buy” rating and a $29.00 target price for the company. Five analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Permian Resources presently has a consensus rating of “Buy” and a consensus target price of $26.61.

Permian Resources Stock Down 0.3%

Shares of NYSE PR opened at $21.68 on Friday. The company has a market capitalization of $18.15 billion, a price-to-earnings ratio of 11.29 and a beta of 0.61. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.50 and a quick ratio of 0.50. The business has a 50-day moving average of $23.36 and a two-hundred day moving average of $20.53. Permian Resources has a 1 year low of $12.75 and a 1 year high of $26.07.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. Permian Resources had a return on equity of 15.56% and a net margin of 25.04%. The business had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.78 billion. During the same quarter in the prior year, the business posted $0.08 EPS. The business’s revenue for the quarter was up 48.1% on a year-over-year basis. On average, analysts forecast that Permian Resources will post 2.47 earnings per share for the current fiscal year.

Insider Activity at Permian Resources

In related news, EVP Robert Shannon sold 5,104 shares of the firm’s 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 transaction, the executive vice president owned 1,346,698 shares in the company, valued at $31,984,077.50. This trade represents a 0.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 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 value of $130,435.00. Following the transaction, the executive vice president directly owned 1,561,680 shares in the company, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 valued at $372,851 in the last three months. 5.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds have recently modified their holdings of the business. William Blair Investment Management LLC lifted its holdings in Permian Resources by 31.5% in the 3rd quarter. William Blair Investment Management LLC now owns 18,938 shares of the company’s stock valued at $400,000 after purchasing an additional 4,537 shares in the last quarter. Eurizon Capital SGR S.p.A. boosted its stake in shares of Permian Resources by 295.7% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 42,605 shares of the company’s stock worth $901,000 after purchasing an additional 31,837 shares during the last quarter. Fifth Third Bancorp boosted its stake in shares of Permian Resources by 13.1% during the 3rd quarter. Fifth Third Bancorp now owns 409,520 shares of the company’s stock worth $8,649,000 after purchasing an additional 47,497 shares during the last quarter. New Mexico Educational Retirement Board grew its holdings in shares of Permian Resources by 14.9% during the third quarter. New Mexico Educational Retirement Board now owns 176,268 shares of the company’s stock worth $3,723,000 after buying an additional 22,800 shares in the last quarter. Finally, Maryland State Retirement & Pension System grew its holdings in shares of Permian Resources by 12.9% during the third quarter. Maryland State Retirement & Pension System now owns 47,446 shares of the company’s stock worth $1,002,000 after buying an additional 5,429 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

More Permian Resources News

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Q3 results beat estimates: Permian Resources reported adjusted earnings of $0.69 per share versus the roughly $0.61 consensus and revenue of $1.96 billion versus $1.78 billion expected. Revenue rose 48.1% year over year. Zacks Q3 earnings report
• Positive Sentiment: Higher production and cash-flow outlook: Q3 total production averaged 457,500 barrels of oil equivalent per day, up 22% sequentially. A separate report highlighted a $300 million free-cash-flow outlook upgrade, which may support confidence in the company’s ability to fund operations and shareholder returns. Q3 results and guidance Free-cash-flow outlook report
• Positive Sentiment: Quarterly dividend declared: The company announced a $0.16-per-share dividend, equivalent to $0.64 annualized, with payment scheduled for December 31. Permian Resources dividend information
• Neutral Sentiment: Acquisition expands the business but requires significant capital: Permian Resources acquired Ridge Runner Resources II for $1.2 billion. The deal may add assets and production, but its ultimate effect will depend on execution and returns. Acquisition report
• Negative Sentiment: Wells Fargo trimmed its target: The bank lowered its price target from $28 to $27, a modest reduction in its valuation view, but retained an Overweight rating and still indicated potential upside. Wells Fargo price-target update
• Negative Sentiment: Costs merit attention: A Q3 recap flagged record costs, which could weigh on margins if they persist, despite the reported free-cash-flow outlook improvement. Q3 cost and cash-flow report

Permian Resources Company Profile

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico.

The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.

Permian Resources was formed in 2022 through the combination of Centennial Resource Development and Colgate Energy.