Permian Resources (NYSE:PR) Stock Price Expected to Rise, Royal Bank of Canada Analyst Says

Permian Resources (NYSE:PR) had its price target upped by equities research analysts at Royal Bank of Canada from $16.00 to $17.00 in a report issued on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 25.97% from the stock’s previous close.

A number of other research analysts also recently weighed in on PR. Citigroup downgraded shares of Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. UBS Group lifted their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Monday, May 12th. Susquehanna decreased their price objective on shares of Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a research report on Tuesday, April 22nd. Bank of America decreased their price objective on shares of Permian Resources from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, April 1st. Finally, Morgan Stanley decreased their price objective on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a research report on Thursday, March 27th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and an average price target of $18.33.

Permian Resources Stock Down 0.4%

Permian Resources stock opened at $13.50 on Friday. The company has a market cap of $10.84 billion, a P/E ratio of 8.18, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.95. The company has a fifty day simple moving average of $12.58 and a 200 day simple moving average of $13.90. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm’s revenue for the quarter was up 10.7% on a year-over-year basis. During the same period last year, the business posted $0.25 EPS. Research analysts anticipate that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Permian Resources news, CFO Guy M. Oliphint sold 4,150 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the sale, the chief financial officer now owns 130,467 shares in the company, valued at $1,825,233.33. The trade was a 3.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the sale, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at $822,525.36. This trade represents a 4.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,685 shares of company stock valued at $135,687. Company insiders own 6.44% of the company’s stock.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in Permian Resources by 0.5% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock worth $2,021,000 after purchasing an additional 662 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in Permian Resources by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock worth $2,540,000 after purchasing an additional 700 shares in the last quarter. CIBC Asset Management Inc raised its stake in Permian Resources by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock worth $226,000 after purchasing an additional 805 shares in the last quarter. Principal Securities Inc. raised its position in shares of Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after buying an additional 852 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in shares of Permian Resources by 0.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company’s stock valued at $1,862,000 after buying an additional 900 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.