Permian Resources (NYSE:PR) Stock Rating Upgraded by TD Cowen

Permian Resources (NYSE:PR - Get Free Report) was upgraded by research analysts at TD Cowen to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

PR has been the topic of several other reports. JPMorgan Chase & Co. decreased their price target on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Raymond James Financial reiterated a "strong-buy" rating and issued a $23.00 price objective (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Bank of America lifted their target price on Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Morgan Stanley cut their price target on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. Finally, Susquehanna decreased their price target on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, one has given a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $18.33.

Permian Resources Price Performance

Permian Resources stock traded down $0.01 on Monday, reaching $14.18. The company's stock had a trading volume of 6,989,920 shares, compared to its average volume of 9,750,695. The business's fifty day moving average price is $13.60 and its 200 day moving average price is $13.62. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $11.39 billion, a price-to-earnings ratio of 8.75 and a beta of 1.25. Permian Resources has a twelve month low of $10.01 and a twelve month high of $16.95.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a return on equity of 11.96% and a net margin of 22.74%. The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter last year, the company earned $0.25 EPS. The firm's quarterly revenue was up 10.7% on a year-over-year basis. Equities analysts expect that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PR. Allworth Financial LP boosted its position in Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock worth $29,000 after acquiring an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new position in Permian Resources in the first quarter valued at approximately $30,000. Rakuten Securities Inc. increased its position in shares of Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock worth $36,000 after purchasing an additional 2,305 shares during the last quarter. Keystone Global Partners LLC bought a new stake in shares of Permian Resources during the 1st quarter worth approximately $36,000. Finally, RE Dickinson Investment Advisors LLC acquired a new stake in shares of Permian Resources in the 4th quarter valued at approximately $41,000. 91.84% of the stock is owned by institutional investors and hedge funds.

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.