Bank of America Reaffirms “Neutral” Rating for Permian Resources (NYSE:PR)

Permian Resources (NYSE:PR)‘s stock had its “neutral” rating reiterated by equities research analysts at Bank of America in a research note issued on Friday, Marketbeat.com reports. They presently have a $16.00 price target on the stock, down from their previous price target of $17.00. Bank of America‘s price objective would indicate a potential upside of 11.19% from the stock’s current price.

Other analysts also recently issued research reports about the company. Piper Sandler cut their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. Wells Fargo & Company dropped their target price on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. The Goldman Sachs Group raised their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Finally, UBS Group boosted their target price on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $18.79.

Permian Resources Price Performance

Shares of NYSE:PR opened at $14.39 on Friday. The company has a market capitalization of $11.93 billion, a PE ratio of 13.20 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a fifty day moving average of $14.13 and a 200-day moving average of $13.63. Permian Resources has a one year low of $10.01 and a one year high of $16.03.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the previous year, the firm earned $0.53 earnings per share. The business’s revenue was up 8.7% compared to the same quarter last year. As a group, equities analysts anticipate that Permian Resources will post 1.45 EPS for the current fiscal year.

Insider Activity

In related news, CEO James H. Walter sold 467,700 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $6,374,751.00. Following the completion of the sale, the chief executive officer owned 1,010,138 shares of the company’s stock, valued at approximately $13,768,180.94. The trade was a 31.65% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Robert Regan Shannon sold 106,405 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,300.15. Following the completion of the transaction, the executive vice president owned 360,667 shares in the company, valued at $4,915,891.21. This represents a 22.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 2,210,456 shares of company stock valued at $30,231,728. 6.44% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

Several large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its stake in shares of Permian Resources by 69.2% in the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after purchasing an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Permian Resources by 18.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after buying an additional 852,347 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Permian Resources by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock worth $16,751,000 after buying an additional 87,105 shares during the last quarter. Parallel Advisors LLC lifted its position in shares of Permian Resources by 286.7% in the second quarter. Parallel Advisors LLC now owns 13,085 shares of the company’s stock worth $178,000 after buying an additional 9,701 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in shares of Permian Resources by 204.3% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 3,825 shares of the company’s stock worth $52,000 after acquiring an additional 2,568 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

About Permian Resources

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.