Permian Resources (NYSE:PR) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Permian Resources from “hold” to “strong buy,” contributing to a broader analyst consensus of “buy” with an average price target of $24.83.
• Permian Resources opened at $22.16 and was trading down 0.8%; the company has a market capitalization of $18.56 billion and a 12-month trading range of $11.92 to $24.65.
• The company exceeded quarterly expectations, reporting $0.69 in EPS versus the $0.59 consensus and $1.86 billion in revenue, up 55.1% year over year. Institutional investors own 91.84% of its shares, while recent insider sales were made to cover tax obligations tied to vested equity awards.

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

A number of other analysts have also recently weighed in on the stock. Weiss Ratings upgraded shares of Permian Resources from a "hold (c+)" rating to a "buy (b)" rating in a research report on Thursday, August 13th. Evercore initiated coverage on Permian Resources in a research report on Tuesday, June 23rd. They set an "outperform" rating and a $25.00 price objective for the company. Royal Bank Of Canada reissued an "outperform" rating and set a $27.00 price objective on shares of Permian Resources in a research note on Thursday, September 24th. Mizuho upgraded Permian Resources to a "strong-buy" rating in a report on Friday, July 31st. Finally, Roth Capital set a $23.00 target price on Permian Resources and gave the stock a "buy" rating in a research report on Monday, June 22nd. Six research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $24.83.

Permian Resources Trading Down 0.8%

NYSE PR opened at $22.16 on Tuesday. Permian Resources has a 12 month low of $11.92 and a 12 month high of $24.65. The company has a 50-day moving average of $22.35 and a 200-day moving average of $20.84. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The company has a market cap of $18.56 billion, a P/E ratio of 14.68 and a beta of 0.66.

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, topping the consensus estimate of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company's quarterly revenue was up 55.1% on a year-over-year basis. During the same period last year, the company earned $0.28 earnings per share. As a group, equities analysts predict that Permian Resources will post 2.27 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Robert Shannon sold 5,104 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,220.00. Following the completion of the sale, the executive vice president owned 1,346,698 shares of the company's stock, valued at $31,984,077.50. This trade represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 shares were sold at an average price of $23.75, for a total value of $130,435.00. Following the transaction, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. The trade was 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. In the last three months, insiders have sold 15,699 shares of company stock worth $372,851. Corporate insiders own 5.00% of the company's stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently bought and sold shares of PR. Bessemer Group Inc. boosted its holdings in shares of Permian Resources by 21.3% in the 1st quarter. Bessemer Group Inc. now owns 3,537 shares of the company's stock valued at $76,000 after buying an additional 621 shares during the last quarter. Parallel Advisors LLC increased its holdings in Permian Resources by 10.1% during the first quarter. Parallel Advisors LLC now owns 12,153 shares of the company's stock worth $259,000 after buying an additional 1,110 shares during the last quarter. SJS Investment Consulting Inc. increased its holdings in Permian Resources by 1,862.5% during the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock worth $30,000 after buying an additional 1,341 shares during the last quarter. Rockefeller Capital Management L.P. raised its position in Permian Resources by 6.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 24,063 shares of the company's stock worth $338,000 after acquiring an additional 1,498 shares in the last quarter. Finally, Signal Advisors Wealth LLC raised its position in Permian Resources by 8.6% during the first quarter. Signal Advisors Wealth LLC now owns 19,922 shares of the company's stock worth $425,000 after acquiring an additional 1,573 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Company Profile

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.

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