Permian Resources (NYSE:PR) Upgraded at Zacks Research

Zacks Research upgraded shares of Permian Resources (NYSE:PR) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other equities analysts also recently weighed in on the stock. The Goldman Sachs Group increased their price target 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. Benchmark restated a “buy” rating on shares of Permian Resources in a report on Monday, February 2nd. Bank of America reaffirmed a “neutral” rating and issued a $16.00 target price (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Susquehanna lowered their price target on Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research report on Monday, January 26th. Finally, Wells Fargo & Company upped their price target on Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.71.

Permian Resources Stock Up 0.4%

PR opened at $17.96 on Wednesday. Permian Resources has a 12 month low of $10.01 and a 12 month high of $18.14. The business has a 50-day moving average of $15.14 and a two-hundred day moving average of $14.04. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a market capitalization of $14.89 billion, a price-to-earnings ratio of 16.47 and a beta of 0.77.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 106,399 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the sale, the executive vice president directly owned 376,442 shares in the company, valued at approximately $5,130,904.46. This trade represents a 22.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Guy M. Oliphint sold 172,904 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 $2,356,681.52. Following the transaction, the executive vice president directly owned 616,683 shares in the company, valued at $8,405,389.29. This trade represents a 21.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 2,210,456 shares of company stock valued at $30,231,728 over the last 90 days. Corporate insiders own 6.44% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PR. Farther Finance Advisors LLC boosted its holdings in Permian Resources by 114.1% in the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after purchasing an additional 1,047 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Permian Resources by 154.4% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after purchasing an additional 1,391 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in shares of Permian Resources during the 2nd quarter valued at approximately $36,000. Parkside Financial Bank & Trust boosted its stake in shares of Permian Resources by 90.8% during the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after buying an additional 1,357 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Permian Resources during the fourth quarter worth approximately $39,000. 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.