Permian Resources (NYSE:PR) Lowered to Sell Rating by Wall Street Zen

Permian Resources (NYSE:PR) was downgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

PR has been the subject of several other research reports. Royal Bank Of Canada upped their price target on shares of Permian Resources from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, May 16th. UBS Group upped their price target on shares of Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Wells Fargo & Company dropped their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Monday, June 16th. Susquehanna increased their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a research report on Wednesday, July 23rd. Finally, The Goldman Sachs Group increased their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, May 16th. Two analysts have rated the stock with a sell rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and an average price target of $18.47.

Permian Resources Trading Up 0.1%

Shares of NYSE PR opened at $13.25 on Friday. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.33. The company has a 50-day moving average of $13.89 and a two-hundred day moving average of $13.44. The company has a current ratio of 0.63, a quick ratio of 0.86 and a debt-to-equity ratio of 0.34. The company has a market cap of $10.65 billion, a PE ratio of 8.60 and a beta of 1.32.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the prior year, the firm earned $0.39 earnings per share. The business’s quarterly revenue was down 3.9% on a year-over-year basis. As a group, equities analysts expect that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Permian Resources

A number of hedge funds have recently made changes to their positions in PR. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Permian Resources in the 4th quarter valued at approximately $431,676,000. Nuveen LLC acquired a new position in shares of Permian Resources in the 1st quarter worth approximately $175,525,000. Price T Rowe Associates Inc. MD lifted its position in shares of Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock worth $469,856,000 after purchasing an additional 12,306,854 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Permian Resources by 86.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock valued at $326,380,000 after acquiring an additional 11,133,354 shares during the period. Finally, Boston Partners acquired a new position in shares of Permian Resources during the 2nd quarter valued at $134,119,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.