Permian Resources (NYSE:PR) Upgraded by Truist Financial to Strong-Buy Rating

Key Points

• Truist Financial upgraded Permian Resources (NYSE:PR) to a Strong-Buy, joining several firms that have recently raised price targets (UBS to $23, Wells Fargo to $21); the consensus from analysts is a Moderate Buy with an average price target of $21.07.
• Permian beat EPS expectations ($0.37 vs. $0.28) but missed revenue ($1.17B vs. $1.32B) with revenue down 9.8% year-over-year; the stock traded around $20.69 (up ~3.9%), carrying a P/E of about 16.6 and a market cap of ~$17.3B.
• Insiders sold roughly 5.34 million shares (~$89M) over the past 90 days, though corporate insiders still own 12.8% of the company and institutional investors account for about 91.8% of the float.

Permian Resources (NYSE:PR - Get Free Report) was upgraded by equities research analysts at Truist Financial to a "strong-buy" rating in a research note issued on Monday,Zacks.com reports.

Several other research firms also recently commented on PR. Royal Bank Of Canada lifted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock an "outperform" rating in a research note on Monday, March 2nd. Raymond James Financial restated a "strong-buy" rating and issued a $21.00 target price on shares of Permian Resources in a research note on Thursday, February 26th. Zacks Research raised Permian Resources from a "strong sell" rating to a "hold" rating in a research report on Wednesday, February 18th. Wells Fargo & Company boosted their price target on Permian Resources from $17.00 to $21.00 and gave the company an "overweight" rating in a research note on Monday, March 16th. Finally, UBS Group increased their price objective on Permian Resources from $19.00 to $23.00 and gave the company a "buy" rating in a report on Thursday, March 5th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, Permian Resources presently has an average rating of "Moderate Buy" and an average price target of $21.07.

Permian Resources Trading Up 3.9%

Shares of NYSE:PR opened at $20.69 on Monday. The business's 50-day moving average is $17.33 and its 200 day moving average is $14.86. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. Permian Resources has a 1 year low of $10.01 and a 1 year high of $20.76. The firm has a market capitalization of $17.30 billion, a P/E ratio of 16.55, a P/E/G ratio of 3.99 and a beta of 0.66.

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

Insider Activity at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 172,904 shares of Permian Resources stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the completion of the transaction, the executive vice president owned 616,683 shares in the company, valued at approximately $8,405,389.29. This trade represents a 21.90% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP John Charles Bell sold 158,385 shares of the business's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.39, for a total value of $2,912,700.15. Following the completion of the transaction, the executive vice president directly owned 1,567,172 shares of the company's stock, valued at approximately $28,820,293.08. This trade represents a 9.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 5,340,522 shares of company stock valued at $89,069,383 over the last ninety days. Corporate insiders own 12.80% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its holdings in shares of Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company's stock valued at $25,000 after purchasing an additional 1,047 shares in the last quarter. SHP Wealth Management acquired a new stake in Permian Resources during the fourth quarter valued at $27,000. Los Angeles Capital Management LLC purchased a new position in Permian Resources in the fourth quarter valued at $39,000. State of Wyoming boosted its stake in shares of Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company's stock worth $41,000 after acquiring an additional 1,640 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in shares of Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock valued at $57,000 after acquiring an additional 3,224 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Company Profile

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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