Permian Resources (NYSE:PR) Earns "Buy (B-)" Rating from Weiss Ratings

Key Points

• Permian Resources received a "Buy (B-)" rating from Weiss Ratings, with 15 analysts giving it a Buy rating and a consensus target price of $18.63.
• Wells Fargo increased the price target for the stock from $20.00 to $21.00, while Scotiabank and Piper Sandler have also issued positive ratings.
• In its last quarterly earnings, Permian Resources reported earnings per share of $0.27, meeting analysts’ expectations, despite a year-over-year revenue decline.

Permian Resources (NYSE:PR - Get Free Report)'s stock had its "buy (b-)" rating reissued by Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Other analysts have also issued research reports about the company. Wells Fargo & Company upped their price objective on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Wednesday, August 13th. Wall Street Zen lowered Permian Resources from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Scotiabank began coverage on Permian Resources in a report on Friday, September 19th. They issued a "sector outperform" rating and a $21.00 price objective for the company. Piper Sandler upped their price objective on Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Finally, TD Cowen upgraded Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $18.63.

Permian Resources Trading Up 3.8%

Shares of PR stock opened at $13.06 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.33. The stock has a fifty day moving average of $13.53 and a two-hundred day moving average of $13.28. The firm has a market capitalization of $10.45 billion, a PE ratio of 8.48 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the previous year, the firm posted $0.39 EPS. The firm's quarterly revenue was down 3.9% on a year-over-year basis. As a group, research analysts expect that Permian Resources will post 1.45 EPS for the current year.

Insider Activity

In related news, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the sale, the executive vice president directly owned 91,805 shares of the company's stock, valued at approximately $1,305,467.10. This represents a 4.91% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president directly owned 107,569 shares of the company's stock, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.44% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Permian Resources

Hedge funds have recently bought and sold shares of the business. OneDigital Investment Advisors LLC lifted its stake in Permian Resources by 19.2% in the 1st quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock worth $267,000 after acquiring an additional 3,107 shares in the last quarter. Janney Montgomery Scott LLC increased its position in Permian Resources by 12.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock worth $444,000 after purchasing an additional 3,547 shares during the last quarter. Crossmark Global Holdings Inc. increased its position in Permian Resources by 8.5% in the 1st quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock worth $393,000 after purchasing an additional 2,215 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Permian Resources by 27.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock worth $425,000 after purchasing an additional 6,600 shares during the last quarter. Finally, Vontobel Holding Ltd. acquired a new position in Permian Resources in the 1st quarter worth about $174,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.

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