Permian Resources (NYSE:PR) Raised to Strong-Buy at TD Cowen

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

PR has been the subject of several other reports. Bank of America raised their target price on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. JPMorgan Chase & Co. cut their price target on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Wells Fargo & Company cut their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Susquehanna cut their price target on Permian Resources from $20.00 to $19.00 and set a "positive" rating for the company in a report on Tuesday, April 22nd. Finally, Morgan Stanley cut their price target on Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.33.

Permian Resources Stock Down 1.2%

Shares of NYSE:PR traded down $0.17 during midday trading on Monday, hitting $14.25. The stock had a trading volume of 1,338,173 shares, compared to its average volume of 10,044,401. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.95. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. The business's 50-day simple moving average is $13.47 and its 200-day simple moving average is $13.61. The company has a market cap of $11.45 billion, a P/E ratio of 8.81 and a beta of 1.25.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The firm had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period in the prior year, the business posted $0.25 earnings per share. Permian Resources's quarterly revenue was up 10.7% compared to the same quarter last year. On average, sell-side analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. MassMutual Private Wealth & Trust FSB raised its stake in Permian Resources by 204.3% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 3,825 shares of the company's stock valued at $52,000 after purchasing an additional 2,568 shares in the last quarter. Atwood & Palmer Inc. acquired a new position in Permian Resources in the second quarter valued at about $130,000. Parallel Advisors LLC raised its stake in Permian Resources by 286.7% in the second quarter. Parallel Advisors LLC now owns 13,085 shares of the company's stock valued at $178,000 after purchasing an additional 9,701 shares in the last quarter. Voya Investment Management LLC raised its stake in Permian Resources by 58.4% in the first quarter. Voya Investment Management LLC now owns 515,771 shares of the company's stock valued at $7,143,000 after purchasing an additional 190,105 shares in the last quarter. Finally, First Hawaiian Bank raised its stake in Permian Resources by 6.0% in the first quarter. First Hawaiian Bank now owns 102,172 shares of the company's stock valued at $1,415,000 after purchasing an additional 5,744 shares in the last quarter. Institutional investors and hedge funds 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.