TD Cowen Upgrades Permian Resources (NYSE:PR) to Strong-Buy

Permian Resources (NYSE:PR) was upgraded by equities research analysts at TD Cowen to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on PR. Morgan Stanley dropped their price target on Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. UBS Group lifted their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Piper Sandler dropped their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. Bank of America restated a “neutral” rating and set a $16.00 target price (down previously from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Finally, Benchmark reaffirmed a “buy” rating on shares of Permian Resources in a report on Monday, February 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.71.

Permian Resources Trading Down 1.6%

Permian Resources stock opened at $16.86 on Monday. The stock has a 50-day simple moving average of $14.72 and a 200 day simple moving average of $13.85. The stock has a market capitalization of $13.98 billion, a P/E ratio of 15.47 and a beta of 0.77. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. Permian Resources has a 52 week low of $10.01 and a 52 week high of $17.29.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 172,904 shares of the stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the transaction, the executive vice president owned 616,683 shares in the company, valued at $8,405,389.29. This represents a 21.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO William M. Hickey III sold 467,725 shares of the firm’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 transaction of $6,375,091.75. Following the transaction, the chief executive officer directly owned 1,010,136 shares in the company, valued at $13,768,153.68. This represents a 31.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 2,210,456 shares of company stock valued at $30,231,728 in the last quarter. Company insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Large investors have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc raised its holdings in Permian Resources by 43.2% in the 4th quarter. CIBC Asset Management Inc now owns 22,953 shares of the company’s stock valued at $322,000 after acquiring an additional 6,926 shares in the last quarter. Bank of New York Mellon Corp grew 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 worth $352,906,000 after purchasing an additional 13,483,136 shares in the last quarter. Bridges Investment Management Inc. grew its holdings in shares of Permian Resources by 37.5% during the 4th quarter. Bridges Investment Management Inc. now owns 16,368 shares of the company’s stock worth $230,000 after purchasing an additional 4,468 shares in the last quarter. GW Henssler & Associates Ltd. increased its position in shares of Permian Resources by 11.1% in the fourth quarter. GW Henssler & Associates Ltd. now owns 13,857 shares of the company’s stock worth $194,000 after purchasing an additional 1,390 shares during the period. Finally, Waterloo Capital L.P. raised its stake in Permian Resources by 3.1% in the fourth quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock valued at $305,000 after purchasing an additional 657 shares in the last quarter. 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.