Permian Resources (NYSE:PR) Raised to Strong-Buy at Roth Mkm

Permian Resources (NYSE:PR) was upgraded by Roth Mkm from a “hold” rating to a “strong-buy” rating in a note issued to investors on Sunday,Zacks.com reports.

PR has been the topic of a number of other research reports. Benchmark cut Permian Resources from a “buy” rating to a “hold” rating in a research note on Thursday, March 5th. Mizuho upped their price objective on shares of Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. BMO Capital Markets upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. TD Cowen lifted their target price on shares of Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 17th. Finally, Royal Bank Of Canada boosted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, March 2nd. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Permian Resources has an average rating of “Buy” and a consensus price target of $23.06.

Permian Resources Stock Performance

Shares of NYSE PR opened at $19.00 on Friday. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $15.90 billion, a price-to-earnings ratio of 22.09 and a beta of 0.48. The stock’s fifty day simple moving average is $20.05 and its 200 day simple moving average is $17.95. Permian Resources has a 52-week low of $11.92 and a 52-week high of $22.67.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the firm earned $0.44 earnings per share. Permian Resources’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, sell-side analysts forecast that Permian Resources will post 2 earnings per share for the current fiscal year.

Insider Transactions at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the sale, the executive vice president directly owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.00% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its holdings in shares of Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares during the period. Boston Partners grew its position in Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after purchasing an additional 7,503,654 shares in the last quarter. Millennium Management LLC increased its stake in Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after buying an additional 6,678,814 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Permian Resources in the 1st quarter valued at approximately $121,041,000. Finally, Dimensional Fund Advisors LP lifted its position in Permian Resources by 20.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after buying an additional 4,691,280 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

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.