Permian Resources (NYSE:PR) Now Covered by Stifel Nicolaus

Stock analysts at Stifel Nicolaus assumed coverage on shares of Permian Resources (NYSE:PR) in a report issued on Thursday. The firm set a “buy” rating and a $30.00 price target on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 26.25% from the company’s previous close.

Other analysts have also issued reports about the stock. Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a research note on Wednesday, August 19th. Truist Financial lifted their target price on shares of Permian Resources from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Wall Street Zen upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 8th. UBS Group reduced their price target on shares of Permian Resources from $25.00 to $24.00 and set a “buy” rating for the company in a research report on Friday, July 17th. Finally, Citigroup lowered their price objective on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Six equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $24.00.

Permian Resources Trading Up 0.6%

Shares of NYSE PR traded up $0.14 during mid-day trading on Thursday, hitting $23.76. 422,420 shares of the company traded hands, compared to its average volume of 11,496,711. Permian Resources has a 1 year low of $11.92 and a 1 year high of $24.20. The stock has a market capitalization of $19.90 billion, a price-to-earnings ratio of 15.74 and a beta of 0.49. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The business has a 50 day moving average of $21.32 and a two-hundred day moving average of $20.33.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.Permian Resources’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same quarter last year, the company posted $0.28 EPS. On average, sell-side analysts anticipate that Permian Resources will post 2.27 earnings per share for the current fiscal year.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Bell sold 5,492 shares of the stock in a transaction that occurred 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 sale, the executive vice president owned 1,561,680 shares in the company, valued at $37,089,900. This represents a 0.35% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 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 sale, the executive vice president owned 537,400 shares of the company’s stock, valued at approximately $12,763,250. This represents a 0.94% 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. Over the last three months, insiders have sold 15,699 shares of company stock valued at $372,851. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in Permian Resources by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after purchasing an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after buying an additional 13,483,136 shares during the last quarter. State Street Corp grew its stake in shares of Permian Resources by 2.0% in the 4th quarter. State Street Corp now owns 23,553,393 shares of the company’s stock valued at $330,454,000 after buying an additional 460,158 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Permian Resources by 3.9% in the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after buying an additional 763,059 shares in the last quarter. Finally, Boston Partners increased its holdings in Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after buying an additional 7,503,654 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.