Royal Bank Of Canada Reaffirms Outperform Rating for Permian Resources (NYSE:PR)

Permian Resources (NYSE:PR)‘s stock had its “outperform” rating reaffirmed by equities research analysts at Royal Bank Of Canada in a research note issued to investors on Thursday, Benzinga reports. They presently have a $27.00 price objective on the stock. Royal Bank Of Canada’s price target suggests a potential upside of 21.76% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Raymond James Financial reiterated a “strong-buy” rating and set a $29.00 price objective on shares of Permian Resources in a report on Thursday, August 27th. Citigroup decreased their price objective on Permian Resources from $26.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. KeyCorp lifted their price objective on shares of Permian Resources from $25.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, September 15th. Wells Fargo & Company raised shares of Permian Resources to a “strong-buy” rating in a research report on Wednesday, September 2nd. Finally, Roth Capital set a $23.00 target price on shares of Permian Resources and gave the stock a “buy” rating in a research note on Monday, June 22nd. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $24.83.

Permian Resources Trading Up 2.3%

Shares of PR stock traded up $0.50 on Thursday, reaching $22.18. The company had a trading volume of 920,199 shares, compared to its average volume of 11,554,655. The stock has a market cap of $18.57 billion, a PE ratio of 14.67 and a beta of 0.49. The company has a 50-day moving average of $22.11 and a 200-day moving average of $20.67. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources has a 12 month low of $11.92 and a 12 month high of $24.65.

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

Insider Transactions at Permian Resources

In other news, EVP John Bell sold 5,492 shares of the business’s 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 transaction, the executive vice president owned 1,561,680 shares in the company, valued at approximately $37,089,900. The trade was a 0.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 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 transaction of $121,220.00. Following the sale, the executive vice president owned 1,346,698 shares of the company’s stock, valued at approximately $31,984,077.50. This trade represents a 0.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 15,699 shares of company stock worth $372,851. Company insiders own 5.00% of the company’s stock.

Institutional Trading of Permian Resources

A number of large investors have recently bought and sold shares of PR. QRG Capital Management Inc. boosted its holdings in shares of Permian Resources by 17.3% during the 2nd quarter. QRG Capital Management Inc. now owns 21,786 shares of the company’s stock worth $401,000 after buying an additional 3,206 shares in the last quarter. Talon Private Wealth LLC boosted its position in shares of Permian Resources by 24.6% during the second quarter. Talon Private Wealth LLC now owns 150,347 shares of the company’s stock valued at $2,768,000 after buying an additional 29,650 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in Permian Resources by 41.5% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 36,820 shares of the company’s stock valued at $678,000 after buying an additional 10,793 shares during the last quarter. Tidal Investments LLC boosted its holdings in Permian Resources by 60.0% during the 2nd quarter. Tidal Investments LLC now owns 385,843 shares of the company’s stock worth $7,103,000 after acquiring an additional 144,704 shares during the last quarter. Finally, Arlington Capital Management Inc. purchased a new stake in shares of Permian Resources in the second quarter valued at about $212,000. 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.