Permian Resources (NYSE:PR) Stock Rating Upgraded by Wall Street Zen

Permian Resources (NYSE:PR) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “strong-buy” rating in a note issued to investors on Saturday.

Several other equities analysts have also recently issued reports on PR. Roth Capital set a $23.00 price objective on shares of Permian Resources and gave the stock a “buy” rating in a research note on Monday, June 22nd. Truist Financial reduced their target price on shares of Permian Resources from $25.00 to $22.00 and set a “buy” rating for the company in a report on Monday, July 13th. Morgan Stanley decreased their price target on shares of Permian Resources from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Monday, June 29th. Evercore started coverage on Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price target on the stock. Finally, Citigroup cut their price objective on Permian Resources from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Permian Resources currently has an average rating of “Buy” and an average target price of $23.29.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $20.11 on Friday. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The company’s 50-day moving average price is $19.57 and its two-hundred day moving average price is $19.25. Permian Resources has a 52 week low of $11.92 and a 52 week high of $22.67. The stock has a market cap of $16.84 billion, a PE ratio of 13.32 and a beta of 0.47.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction on 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 owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 5.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

Several hedge funds have recently bought and sold shares of PR. Bank of New York Mellon Corp lifted its holdings in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after buying an additional 13,483,136 shares during the last quarter. Boston Partners increased its holdings in Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after buying an additional 7,503,654 shares during the last quarter. Millennium Management LLC increased its holdings in Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after buying an additional 6,678,814 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Permian Resources during the first quarter valued at approximately $121,041,000. Finally, Dimensional Fund Advisors LP lifted its stake in Permian Resources by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after acquiring an additional 4,533,732 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.