Raymond James Reaffirms Strong-Buy Rating for Permian Resources (NYSE:PR)

Permian Resources (NYSE:PR)‘s stock had its “strong-buy” rating reissued by investment analysts at Raymond James in a research report issued on Monday,Benzinga reports. They presently have a $23.00 price target on the stock, up from their prior price target of $20.00. Raymond James’ target price points to a potential upside of 73.32% from the company’s previous close.

Several other brokerages have also recently commented on PR. Royal Bank of Canada boosted their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “outperform” rating in a research report on Friday, May 16th. The Goldman Sachs Group lifted their target price on Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, May 16th. JPMorgan Chase & Co. reduced their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. UBS Group boosted their price target on Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a research report on Monday, May 12th. Finally, Bank of America dropped their price objective on Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.63.

Permian Resources Stock Down 0.5%

PR stock opened at $13.27 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock has a market capitalization of $10.66 billion, a P/E ratio of 8.04, a P/E/G ratio of 4.05 and a beta of 1.20. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $16.95. The business has a 50-day moving average of $12.59 and a 200-day moving average of $13.90.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm 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 company’s revenue was up 10.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 EPS. On average, sell-side analysts anticipate 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, CFO Guy M. Oliphint sold 4,150 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the transaction, the chief financial officer now owns 130,467 shares in the company, valued at $1,825,233.33. This trade represents a 3.08% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Quinn bought 500,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were bought at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This trade represents a 160.04% increase in their position. The disclosure for this purchase can be found here. Insiders sold 9,685 shares of company stock worth $135,687 in the last ninety days. 6.44% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

Institutional investors and hedge funds have recently made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Permian Resources in the fourth quarter valued at approximately $431,676,000. Nuveen LLC acquired a new stake in shares of Permian Resources in the 1st quarter valued at $175,525,000. Price T Rowe Associates Inc. MD increased its stake in shares of Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $469,856,000 after purchasing an additional 12,306,854 shares during the last quarter. Alyeska Investment Group L.P. raised its holdings in shares of Permian Resources by 300.3% during the 1st quarter. Alyeska Investment Group L.P. now owns 5,833,001 shares of the company’s stock worth $80,787,000 after buying an additional 4,375,930 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Permian Resources by 55.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock worth $169,864,000 after buying an additional 4,236,141 shares during the last quarter. Institutional investors 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.