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

Permian Resources (NYSE:PR)‘s stock had its “outperform” rating reaffirmed by investment analysts at Royal Bank Of Canada in a report released on Thursday, Benzinga reports. They presently have a $27.00 target price on the stock. Royal Bank Of Canada’s target price points to a potential upside of 22.09% from the stock’s current price.

A number of other analysts have also weighed in on the company. Roth Capital set a $23.00 target price on Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Raymond James Financial restated a “strong-buy” rating and set a $29.00 target price on shares of Permian Resources in a report on Thursday, August 27th. Truist Financial upped their target price on Permian Resources from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a report on Wednesday, August 19th. Finally, UBS Group upped their target price on Permian Resources from $24.00 to $29.00 and gave the stock a “buy” rating in a report on Monday, September 14th. 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 MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $24.83.

Permian Resources Trading Up 2.0%

NYSE:PR traded up $0.43 during midday trading on Thursday, hitting $22.11. The stock had a trading volume of 559,244 shares, compared to its average volume of 11,552,316. Permian Resources has a one year low of $11.92 and a one year high of $24.65. The company has a market capitalization of $18.52 billion, a price-to-earnings ratio of 14.64 and a beta of 0.49. The stock has a 50-day moving average of $22.11 and a 200 day moving average of $20.67. 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 announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The company had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the prior year, the firm earned $0.28 earnings per share. Permian Resources’s revenue was up 55.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Permian Resources will post 2.27 EPS for the current year.

Insider Activity

In related news, EVP Guy M. 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 value of $121,196.25. Following the transaction, the executive vice president directly owned 537,400 shares of the company’s stock, valued at $12,763,250. This represents a 0.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 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 value of $130,435.00. Following the completion of the transaction, 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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 15,699 shares of company stock worth $372,851. 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 company. SJS Investment Consulting Inc. increased its position in shares of Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after acquiring an additional 1,341 shares during the period. SHP Wealth Management acquired a new position in shares of Permian Resources in the 4th quarter valued at $27,000. Cedar Mountain Advisors LLC acquired a new position in shares of Permian Resources in the 1st quarter valued at $48,000. Essential Partners LLC increased its position in shares of Permian Resources by 4,400.0% in the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after acquiring an additional 3,168 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Permian Resources in the 1st quarter valued at $72,000. 91.84% of the stock is owned by institutional investors and hedge funds.

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.