Permian Resources (NYSE:PR) Stock Rating Upgraded by Seaport Research Partners

Key Points

• Seaport Research Partners upgraded Permian Resources to “strong buy.” The stock has a consensus “Buy” rating from analysts, with an average price target of $23.65.
• Permian Resources reported quarterly EPS of $0.69, exceeding estimates of $0.59, while revenue rose 55.1% year over year to $1.86 billion.
• Shares opened at $23.72, near the company’s 52-week high of $24.09. Insiders recently sold shares primarily to cover tax withholding on vested equity awards, while institutional investors own 91.84% of the stock.

Permian Resources (NYSE:PR - Get Free Report) was upgraded by research analysts at Seaport Research Partners to a "strong-buy" rating in a research note issued to investors on Wednesday, Zacks reports.

Other analysts have also recently issued reports about the stock. Truist Financial boosted their price objective on shares of Permian Resources from $22.00 to $24.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Citigroup cut their target price on Permian Resources from $26.00 to $24.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. Mizuho upgraded Permian Resources to a "strong-buy" rating in a report on Friday, July 31st. Zacks Research cut Permian Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, May 22nd. Finally, Wall Street Zen raised Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Saturday, August 8th. Six equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, Permian Resources currently has a consensus rating of "Buy" and an average price target of $23.65.

Permian Resources Trading Down 0.4%

Shares of PR stock opened at $23.72 on Wednesday. The firm's 50-day simple moving average is $20.91 and its 200-day simple moving average is $20.16. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. Permian Resources has a 1-year low of $11.92 and a 1-year high of $24.09. The firm has a market cap of $19.87 billion, a P/E ratio of 15.71 and a beta of 0.49.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. Permian Resources's revenue was up 55.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.28 earnings per share. As a group, equities analysts forecast that Permian Resources will post 2.24 EPS for the current year.

Insider Transactions at Permian Resources

In related news, EVP Guy M. Oliphint sold 5,103 shares of Permian Resources stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,196.25. Following the transaction, the executive vice president owned 537,400 shares in the company, valued at approximately $12,763,250. The trade was a 0.94% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the company's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $130,435.00. Following the sale, the executive vice president directly owned 1,561,680 shares of the company's stock, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 15,699 shares of company stock valued at $372,851 over the last 90 days. Corporate insiders own 5.00% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PR. SHP Wealth Management acquired a new stake in shares of Permian Resources in the fourth quarter valued at about $27,000. SJS Investment Consulting Inc. raised its holdings in shares of Permian Resources by 1,862.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock valued at $30,000 after buying an additional 1,341 shares during the period. Los Angeles Capital Management LLC acquired a new position in Permian Resources during the 4th quarter worth approximately $39,000. State of Wyoming lifted its position in Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company's stock worth $41,000 after acquiring an additional 1,640 shares in the last quarter. Finally, Cedar Mountain Advisors LLC purchased a new position in Permian Resources in the 1st quarter worth approximately $48,000. Institutional investors and hedge funds own 91.84% of the company's stock.

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.

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