Permian Resources Corporation (NYSE:PR) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Permian Resources Corporation (NYSE:PR) have been given a consensus recommendation of “Moderate Buy” by the eighteen analysts that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, two have given a hold recommendation, twelve have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have covered the stock in the last year is $18.7143.

PR has been the subject of a number of recent analyst reports. Mizuho raised their price objective on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Piper Sandler decreased their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, November 18th. Wall Street Zen upgraded Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Morgan Stanley cut their price objective on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Finally, The Goldman Sachs Group increased their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, November 14th.

Permian Resources Stock Up 3.2%

Shares of Permian Resources stock opened at $16.96 on Friday. Permian Resources has a 52-week low of $10.01 and a 52-week high of $17.04. The firm’s 50 day moving average price is $14.62 and its 200-day moving average price is $13.80. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The company has a market cap of $14.06 billion, a P/E ratio of 15.56 and a beta of 0.77.

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

Insider Buying and Selling at Permian Resources

In other news, EVP Robert Regan Shannon sold 106,405 shares of the business’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the sale, the executive vice president directly owned 360,667 shares of the company’s stock, valued at $4,915,891.21. The trade was a 22.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Guy M. Oliphint sold 172,904 shares of the firm’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $2,356,681.52. Following the completion of the transaction, the executive vice president owned 616,683 shares of the company’s stock, valued at $8,405,389.29. This trade represents a 21.90% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 2,210,456 shares of company stock valued at $30,231,728. Company insiders own 6.44% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently modified their holdings of PR. AQR Capital Management LLC raised its position in Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after buying an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after acquiring an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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 acquiring an additional 87,105 shares during the period. Truist Financial Corp raised its holdings in shares of Permian Resources by 3.4% during the second quarter. Truist Financial Corp now owns 205,322 shares of the company’s stock worth $2,796,000 after purchasing an additional 6,665 shares during the last quarter. Finally, QRG Capital Management Inc. lifted its position in Permian Resources by 179.8% during the second quarter. QRG Capital Management Inc. now owns 48,308 shares of the company’s stock valued at $658,000 after purchasing an additional 31,045 shares during the period. 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.