Permian Resources (NYSE:PR) Now Covered by KeyCorp

Research analysts at KeyCorp began coverage on shares of Permian Resources (NYSE:PR) in a research report issued on Tuesday,Benzinga reports. The brokerage set an “overweight” rating and a $25.00 price target on the stock. KeyCorp’s target price points to a potential upside of 18.44% from the stock’s previous close.

Several other analysts also recently commented on PR. Truist Financial initiated coverage on shares of Permian Resources in a research report on Tuesday, March 24th. They issued a “buy” rating and a $24.00 price target for the company. Morgan Stanley reduced their price target on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. Raymond James Financial reiterated a “strong-buy” rating and issued a $21.00 price target on shares of Permian Resources in a research report on Thursday, February 26th. Piper Sandler upped their price target on shares of Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Finally, Susquehanna reduced their price target on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research report on Monday, January 26th. Four research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $21.67.

Permian Resources Stock Down 0.3%

PR stock opened at $21.11 on Tuesday. The company has a fifty day moving average price of $18.53 and a 200 day moving average price of $15.34. Permian Resources has a 12 month low of $10.01 and a 12 month high of $21.99. The company has a market cap of $17.65 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 3.15 and a beta of 0.56. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. Permian Resources’s revenue for the quarter was down 9.8% on a year-over-year basis. Sell-side analysts expect that Permian Resources will post 1.45 earnings per share for the current year.

Insider Activity at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 800,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the completion of the transaction, the director owned 7,426,839 shares in the company, valued at approximately $142,223,966.85. This represents a 9.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William M. Hickey III sold 898,423 shares of the company’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $16,513,014.74. Following the transaction, the chief executive officer owned 9,389,405 shares of the company’s stock, valued at approximately $172,577,263.90. The trade was a 8.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,130,066 shares of company stock worth $58,837,655 in the last 90 days. Corporate insiders own 6.44% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of large investors have recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. raised its position in Permian Resources by 4.0% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock worth $224,000 after buying an additional 607 shares during the last quarter. Waterloo Capital L.P. grew its stake in shares of Permian Resources by 3.1% during the 4th 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 grew its stake in shares of Permian Resources by 5.4% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company’s stock worth $192,000 after purchasing an additional 706 shares during the period. Curated Wealth Partners LLC grew its stake 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 worth $991,000 after purchasing an additional 747 shares during the period. Finally, Chilton Capital Management LLC grew its stake in shares of Permian Resources by 3.5% during the 3rd quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock worth $303,000 after purchasing an additional 800 shares during the period. 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.