Permian Resources (NYSE:PR) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Permian Resources (NYSE:PR) from a hold rating to a strong-buy rating in a research note released on Saturday morning.

PR has been the subject of a number of other research reports. Evercore began coverage on Permian Resources in a research report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price target for the company. UBS Group cut their price objective on Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Friday, July 17th. Mizuho upgraded Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Raymond James Financial reduced their price objective 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. Finally, Truist Financial decreased their target price on Permian Resources from $25.00 to $22.00 and set a “buy” rating for the company in a report on Monday, July 13th. Five research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $23.41.

Permian Resources Price Performance

Shares of PR opened at $21.17 on Friday. The firm has a market capitalization of $17.73 billion, a PE ratio of 14.02 and a beta of 0.47. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. Permian Resources has a 1-year low of $11.92 and a 1-year high of $22.67. The company’s fifty day moving average price is $19.60 and its 200-day moving average price is $19.30.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a dividend of $0.16 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.0%. Permian Resources’s payout ratio is currently 42.38%.

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Great Lakes Advisors LLC purchased a new stake in shares of Permian Resources in the second quarter worth about $4,741,000. GAMMA Investing LLC raised its position in Permian Resources by 17.7% during the second quarter. GAMMA Investing LLC now owns 19,742 shares of the company’s stock valued at $363,000 after acquiring an additional 2,972 shares in the last quarter. CoreCap Advisors LLC lifted its holdings in Permian Resources by 22.1% in the second quarter. CoreCap Advisors LLC now owns 19,367 shares of the company’s stock valued at $357,000 after acquiring an additional 3,508 shares during the period. Parallel Advisors LLC lifted its holdings in Permian Resources by 10.1% in the first quarter. Parallel Advisors LLC now owns 12,153 shares of the company’s stock valued at $259,000 after acquiring an additional 1,110 shares during the period. Finally, Essential Partners LLC boosted its position in Permian Resources by 4,400.0% in the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock worth $69,000 after purchasing an additional 3,168 shares in the last quarter. Institutional investors and hedge funds 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.