Permian Resources (NYSE:PR) Upgraded at Evercore

Permian Resources (NYSE:PR) was upgraded by investment analysts at Evercore to a “strong-buy” rating in a research note issued on Tuesday,Zacks.com reports.

PR has been the subject of a number of other reports. KeyCorp assumed coverage on shares of Permian Resources in a research note on Tuesday, April 7th. They issued an “overweight” rating and a $25.00 price objective for the company. Weiss Ratings cut Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 12th. Benchmark downgraded shares of Permian Resources from a “buy” rating to a “hold” rating in a report on Thursday, March 5th. Royal Bank Of Canada boosted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, March 2nd. Finally, Raymond James Financial dropped their price target on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a research note on Wednesday, June 17th. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Permian Resources currently has an average rating of “Buy” and a consensus price target of $23.18.

Permian Resources Stock Performance

Shares of PR opened at $19.17 on Tuesday. The firm has a market capitalization of $16.05 billion, a P/E ratio of 22.29 and a beta of 0.48. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The business has a fifty day moving average of $20.02 and a 200 day moving average of $17.98. Permian Resources has a one year low of $11.92 and a one year high of $22.67.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter in the prior year, the firm earned $0.44 EPS. The business’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Permian Resources will post 2 EPS for the current year.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the transaction, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of PR. Meiji Yasuda Asset Management Co Ltd. grew its stake in Permian Resources by 4.0% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock valued at $224,000 after buying an additional 607 shares during the last quarter. Bessemer Group Inc. boosted its position in Permian Resources by 21.3% in the first quarter. Bessemer Group Inc. now owns 3,537 shares of the company’s stock valued at $76,000 after buying an additional 621 shares in the last quarter. Waterloo Capital L.P. lifted its holdings in shares of Permian Resources by 3.1% during the fourth quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock worth $305,000 after purchasing an additional 657 shares during the period. Kingswood Wealth Advisors LLC increased its position in Permian Resources by 5.4% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company’s stock valued at $192,000 after purchasing an additional 706 shares during the period. Finally, Curated Wealth Partners LLC boosted its position in shares of Permian Resources by 1.1% during the 4th quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock valued at $991,000 after purchasing an additional 747 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

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.