Permian Resources (NASDAQ:PR) Research Coverage Started at Raymond James

Equities researchers at Raymond James began coverage on shares of Permian Resources (NASDAQ:PR - Get Free Report) in a research report issued on Tuesday, Marketbeat Ratings reports. The brokerage set a "strong-buy" rating and a $24.00 price target on the stock. Raymond James' price objective would indicate a potential upside of 32.74% from the stock's previous close.

Several other equities analysts also recently issued reports on PR. Bank of America assumed coverage on shares of Permian Resources in a report on Friday, January 5th. They set a "neutral" rating and a $15.00 price target for the company. Truist Financial reduced their price target on shares of Permian Resources from $24.00 to $22.00 and set a "buy" rating for the company in a report on Friday. Susquehanna boosted their price target on shares of Permian Resources from $15.00 to $16.00 and gave the company a "neutral" rating in a report on Thursday, February 29th. UBS Group reduced their price objective on shares of Permian Resources from $15.00 to $14.00 and set a "neutral" rating for the company in a report on Thursday, December 14th. Finally, Piper Sandler upped their price objective on shares of Permian Resources from $17.00 to $22.00 and gave the stock an "overweight" rating in a report on Thursday, March 7th. Three analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Permian Resources presently has an average rating of "Moderate Buy" and a consensus price target of $18.50.

Permian Resources Stock Performance

Permian Resources stock traded up $0.30 during mid-day trading on Tuesday, reaching $18.08. The company's stock had a trading volume of 14,732,492 shares, compared to its average volume of 9,723,403. The firm has a market cap of $13.96 billion, a price-to-earnings ratio of 15.59 and a beta of 4.35. The business has a 50 day moving average price of $15.60 and a 200-day moving average price of $14.31. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources has a twelve month low of $8.94 and a twelve month high of $18.25.

Permian Resources (NASDAQ:PR - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. Sell-side analysts predict that Permian Resources will post 1.55 EPS for the current fiscal year.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of Permian Resources stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the transaction, the director now owns 71,056,620 shares of the company's stock, valued at approximately $1,116,299,500.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of Permian Resources stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the transaction, the director now owns 71,056,620 shares of the company's stock, valued at approximately $1,116,299,500.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock valued at $516,796,999 in the last 90 days. 23.14% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Permian Resources

Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Permian Resources by 69.7% during the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company's stock worth $657,088,000 after buying an additional 19,847,358 shares during the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Permian Resources during the fourth quarter worth approximately $353,683,000. Post Oak Energy Holdings LLC lifted its holdings in shares of Permian Resources by 329.5% during the fourth quarter. Post Oak Energy Holdings LLC now owns 21,048,630 shares of the company's stock worth $286,261,000 after buying an additional 16,147,789 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Permian Resources by 10.5% during the second quarter. BlackRock Inc. now owns 17,943,203 shares of the company's stock worth $196,658,000 after buying an additional 1,708,290 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in shares of Permian Resources by 10.0% during the second quarter. Nuveen Asset Management LLC now owns 17,531,746 shares of the company's stock worth $192,148,000 after buying an additional 1,592,275 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.