Benchmark Reaffirms Buy Rating for Permian Resources (NASDAQ:PR)

Permian Resources (NASDAQ:PR - Get Free Report)'s stock had its "buy" rating restated by stock analysts at Benchmark in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $17.00 price target on the stock. Benchmark's price objective points to a potential downside of 1.11% from the stock's current price.

PR has been the topic of a number of other reports. Raymond James began coverage on shares of Permian Resources in a report on Tuesday, April 9th. They set a "strong-buy" rating and a $24.00 price target on the stock. Wells Fargo & Company increased their price target on shares of Permian Resources from $18.00 to $21.00 and gave the stock an "overweight" rating in a report on Wednesday, April 17th. Susquehanna increased their price target on shares of Permian Resources from $16.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday. Stifel Nicolaus increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, March 22nd. Finally, Piper Sandler upped their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Friday. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $19.31.

Permian Resources Stock Performance

NASDAQ:PR traded up $0.02 during trading hours on Tuesday, hitting $17.19. 5,849,880 shares of the company were exchanged, compared to its average volume of 9,420,487. The stock has a market capitalization of $13.27 billion, a price-to-earnings ratio of 14.82 and a beta of 4.35. Permian Resources has a 52-week low of $8.94 and a 52-week high of $18.28. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The company's 50 day moving average price is $16.51 and its 200-day moving average price is $14.63.

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, beating the consensus estimate of $0.33 by $0.02. The business had revenue of $1.12 billion for 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%. As a group, research analysts forecast that Permian Resources will post 1.72 earnings per share for the current year.

Insiders Place Their Bets

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now owns 1,062,345 shares of the company's stock, valued at $15,457,119.75. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Brent P. Jensen sold 203,687 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now owns 1,062,345 shares of the company's stock, valued at $15,457,119.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Brent P. Jensen sold 84,554 shares of the firm's stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $14.96, for a total transaction of $1,264,927.84. Following the completion of the transaction, the chief accounting officer now directly owns 932,325 shares of the company's stock, valued at approximately $13,947,582. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock valued at $516,796,999 over the last 90 days. 23.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. State of Alaska Department of Revenue acquired a new stake in Permian Resources in the third quarter valued at approximately $460,000. Avior Wealth Management LLC acquired a new stake in Permian Resources in the third quarter valued at approximately $385,000. Commonwealth Equity Services LLC raised its holdings in Permian Resources by 12.4% in the third quarter. Commonwealth Equity Services LLC now owns 23,356 shares of the company's stock valued at $326,000 after acquiring an additional 2,582 shares in the last quarter. Xponance Inc. raised its holdings in Permian Resources by 157.3% in the third quarter. Xponance Inc. now owns 38,530 shares of the company's stock valued at $538,000 after acquiring an additional 23,555 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. raised its holdings in Permian Resources by 6.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company's stock valued at $471,000 after acquiring an additional 2,063 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Company Profile

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.