Permian Resources’ (PR) “Outperform” Rating Reiterated at Royal Bank Of Canada

Permian Resources (NYSE:PR)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank Of Canada in a report issued on Thursday, Benzinga reports. They currently have a $27.00 target price on the stock. Royal Bank Of Canada’s price target points to a potential upside of 21.76% from the company’s current price.

PR has been the subject of several other reports. Mizuho upgraded Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Truist Financial raised their price objective on Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Citigroup lowered their target price on Permian Resources from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Wells Fargo & Company raised shares of Permian Resources to a “strong-buy” rating in a research note on Wednesday, September 2nd. Finally, Evercore began coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price target for the company. Five 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 company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $24.83.

Permian Resources Trading Up 2.3%

Shares of Permian Resources stock traded up $0.50 during midday trading on Thursday, reaching $22.18. 1,282,375 shares of the company’s stock traded hands, compared to its average volume of 11,555,920. The stock has a 50 day moving average of $22.11 and a 200-day moving average of $20.67. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The company has a market cap of $18.57 billion, a PE ratio of 14.67 and a beta of 0.49. Permian Resources has a 12 month low of $11.92 and a 12 month high of $24.65.

Permian Resources (NYSE:PR) last announced its quarterly earnings results 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 company had revenue of $1.86 billion during 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%. The firm’s quarterly revenue was up 55.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.28 earnings per share. As a group, equities analysts expect that Permian Resources will post 2.27 EPS for the current fiscal year.

Insider Activity

In other Permian Resources news, EVP John Bell sold 5,492 shares of the business’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 value of $130,435.00. Following the sale, the executive vice president owned 1,561,680 shares of the company’s stock, valued at $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy M. Oliphint sold 5,103 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 $121,196.25. Following the sale, the executive vice president owned 537,400 shares in the company, valued at $12,763,250. This trade represents a 0.94% decrease in their ownership of the stock. 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 90 days. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased 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 period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Permian Resources during the first quarter worth approximately $121,041,000. Westfield Capital Management Co. LP increased its stake 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 buying an additional 2,593,470 shares during the period. Jennison Associates LLC increased its holdings in Permian Resources by 63.1% in the first quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock valued at $132,824,000 after buying an additional 2,411,292 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in Permian Resources by 66.6% in the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock valued at $118,636,000 after buying an additional 2,224,560 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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 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.