Permian Resources (NYSE:PR) Now Covered by William Blair

Key Points

• William Blair has initiated coverage on Permian Resources (NYSE:PR) with an "outperform" rating, reflecting positive sentiment among analysts towards the stock.
• The stock has received multiple upgrades from various brokerages, including a target price increase from Morgan Stanley from $17.00 to $18.00.
• Institutional investors now hold approximately 91.84% of Permian Resources' stock, indicating strong interest from large financial entities.

Equities research analysts at William Blair assumed coverage on shares of Permian Resources (NYSE:PR - Get Free Report) in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage set an "outperform" rating on the stock.

A number of other brokerages have also recently issued reports on PR. TD Cowen upgraded shares of Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Morgan Stanley upped their target price on shares of Permian Resources from $17.00 to $18.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Royal Bank Of Canada lifted their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. Raymond James Financial reissued a "strong-buy" rating and set a $23.00 price objective (up from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Finally, The Goldman Sachs Group boosted their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 16th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $18.53.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $13.7550 on Monday. The stock has a market cap of $11.01 billion, a price-to-earnings ratio of 8.93 and a beta of 1.32. The firm's 50-day moving average is $13.81 and its 200 day moving average is $13.31. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.33. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63.

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. The company had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. Permian Resources's revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.39 EPS. Sell-side analysts anticipate that Permian Resources will post 1.45 EPS for the current fiscal year.

Institutional Investors Weigh In On Permian Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allworth Financial LP increased its position in shares of Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after purchasing an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Permian Resources during the 1st quarter valued at about $30,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Permian Resources by 154.4% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company's stock valued at $31,000 after purchasing an additional 1,391 shares during the last quarter. Keystone Global Partners LLC purchased a new stake in shares of Permian Resources during the 1st quarter valued at about $36,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Permian Resources during the 2nd quarter valued at about $36,000. 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.

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