Permian Resources (NYSE:PR) Downgraded by Benchmark to Hold

Permian Resources (NYSE:PR) was downgraded by stock analysts at Benchmark from a “buy” rating to a “hold” rating in a research note issued on Thursday, MarketBeat Ratings reports.

Several other analysts have also issued reports on PR. Zacks Research upgraded shares of Permian Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Wells Fargo & Company boosted their target price on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a research note on Tuesday, January 27th. Mizuho increased their target price on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Bank of America restated a “neutral” rating and set a $16.00 price target (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Finally, Royal Bank Of Canada boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.25.

Permian Resources Price Performance

PR traded up $0.30 during midday trading on Thursday, hitting $18.83. The stock had a trading volume of 2,934,337 shares, compared to its average volume of 12,033,810. Permian Resources has a 1 year low of $10.01 and a 1 year high of $19.38. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The business has a fifty day moving average of $15.79 and a 200 day moving average of $14.31. The company has a market cap of $15.62 billion, a P/E ratio of 15.06 and a beta of 0.66.

Permian Resources (NYSE:PR) last announced its quarterly earnings data 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. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the business posted $0.36 EPS. The business’s quarterly revenue was down 9.8% on a year-over-year basis. As a group, equities analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 106,399 shares of the stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $1,450,218.37. Following the completion of the transaction, the executive vice president directly owned 376,442 shares of the company’s stock, valued at $5,130,904.46. This represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO William M. Hickey III sold 467,725 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $6,375,091.75. Following the sale, the chief executive officer directly owned 1,010,136 shares in the company, valued at approximately $13,768,153.68. The trade was a 31.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 2,210,456 shares of company stock worth $30,231,728. 6.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Farther Finance Advisors LLC boosted its position in shares of Permian Resources by 114.1% during the third 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 purchased a new position in Permian Resources during the fourth quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after buying an additional 1,391 shares during the period. Parkside Financial Bank & Trust boosted its holdings in shares of Permian Resources by 90.8% during the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after buying an additional 1,357 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Permian Resources in the 4th quarter worth about $39,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.