Permian Resources (NYSE:PR) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Permian Resources to “strong buy” from “hold,” while the broader analyst consensus remains “Buy” with an average price target of $23.29.
• Permian Resources opened at $20.11, with a $16.84 billion market capitalization and shares trading between a 52-week range of $11.92 and $22.67.
• The company slightly exceeded quarterly EPS expectations at $0.39 versus $0.38, though revenue of $1.39 billion fell short of the $1.41 billion consensus estimate; institutional investors own 91.84% of the stock.

Permian Resources (NYSE:PR - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "strong-buy" rating in a note issued to investors on Saturday.

A number of other equities research analysts also recently issued reports on PR. Evercore assumed coverage on Permian Resources in a research note on Tuesday, June 23rd. They set an "outperform" rating and a $25.00 price target for the company. Morgan Stanley lowered their price objective on shares of Permian Resources from $25.00 to $24.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. Truist Financial dropped their price objective on shares of Permian Resources from $25.00 to $22.00 and set a "buy" rating on the stock in a report on Monday, July 13th. Raymond James Financial cut their target price on shares of Permian Resources from $29.00 to $26.00 and set a "strong-buy" rating for the company in a research report on Wednesday, June 17th. Finally, Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a report on Monday, May 25th. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $23.29.

Permian Resources Price Performance

NYSE PR opened at $20.11 on Friday. The stock has a market capitalization of $16.84 billion, a price-to-earnings ratio of 13.32 and a beta of 0.48. Permian Resources has a 1-year low of $11.92 and a 1-year high of $22.67. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.66. The business's fifty day moving average price is $19.57 and its 200-day moving average price is $19.22.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.Permian Resources's revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.44 earnings per share. On average, equities analysts predict that Permian Resources will post 1.94 earnings per share for the current year.

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the firm's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares of the company's stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. SHP Wealth Management purchased a new position in Permian Resources during the fourth quarter valued at approximately $27,000. SJS Investment Consulting Inc. boosted its position in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock worth $30,000 after purchasing an additional 1,341 shares during the period. Los Angeles Capital Management LLC purchased a new stake in shares of Permian Resources in the fourth quarter worth $39,000. State of Wyoming increased its stake in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company's stock worth $41,000 after purchasing an additional 1,640 shares in the last quarter. Finally, Cedar Mountain Advisors LLC bought a new stake in shares of Permian Resources during the 1st quarter valued at $48,000. 91.84% of the stock is currently owned by institutional investors.

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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