Permian Resources (NYSE:PR) Now Covered by Analysts at Truist Financial

Key Points

• Truist Financial initiated coverage with a "buy" rating and a $24 price target, implying roughly a 20.6% upside from the current share price.
• The stock has a consensus rating of "Moderate Buy" with an average analyst target of $21.07, supported by 1 Strong Buy, 14 Buy and 3 Hold ratings.
• In the latest quarter Permian beat EPS ($0.37 vs. $0.28 est.) but missed revenue ($1.17B vs. $1.32B), and insiders have sold heavily—CEO sold ~898,423 shares and insiders disposed of 5.34M shares (~$89M) in the past three months.

Investment analysts at Truist Financial began coverage on shares of Permian Resources (NYSE:PR - Get Free Report) in a report released on Tuesday. The brokerage set a "buy" rating and a $24.00 price target on the stock. Truist Financial's target price would indicate a potential upside of 20.63% from the company's current price.

Other equities research analysts also recently issued reports about the company. Citigroup increased their price target on Permian Resources from $17.00 to $21.00 and gave the stock a "buy" rating in a report on Friday, March 6th. Benchmark lowered Permian Resources from a "buy" rating to a "hold" rating in a research report on Thursday, March 5th. Weiss Ratings raised Permian Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Friday, March 6th. TD Cowen raised their target price on shares of Permian Resources from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, March 17th. Finally, Zacks Research upgraded shares of Permian Resources from a "strong sell" rating to a "hold" rating in a report on Wednesday, February 18th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.07.

Permian Resources Stock Down 0.9%

Shares of NYSE:PR opened at $19.90 on Tuesday. The company has a 50 day moving average price of $17.20 and a two-hundred day moving average price of $14.81. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $16.64 billion, a PE ratio of 15.92, a PEG ratio of 4.02 and a beta of 0.66. Permian Resources has a 52 week low of $10.01 and a 52 week high of $20.41.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The firm's revenue was down 9.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 EPS. Analysts forecast that Permian Resources will post 1.45 earnings per share for the current year.

Insider Buying and Selling at Permian Resources

In related news, CEO William M. Hickey III sold 898,423 shares of the firm's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $16,513,014.74. Following the completion of the transaction, the chief executive officer owned 9,389,405 shares of the company's stock, valued at approximately $172,577,263.90. This trade represents a 8.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Guy M. Oliphint sold 172,904 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the completion of the sale, the executive vice president owned 616,683 shares in the company, valued at $8,405,389.29. The trade was a 21.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,340,522 shares of company stock valued at $89,069,383 in the last three months. 12.80% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company's stock valued at $1,057,930,000 after purchasing an additional 3,941,318 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Permian Resources by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company's stock worth $443,856,000 after purchasing an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock worth $352,906,000 after purchasing an additional 13,483,136 shares in the last quarter. State Street Corp boosted its holdings in shares of Permian Resources by 2.0% in the 4th quarter. State Street Corp now owns 23,553,393 shares of the company's stock valued at $330,454,000 after buying an additional 460,158 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of Permian Resources by 8.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company's stock valued at $236,207,000 after buying an additional 1,421,059 shares during the last quarter. 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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