Permian Resources (NYSE:PR) Stock Rating Lowered by Zacks Research

Permian Resources (NYSE:PR) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other equities analysts also recently commented on the company. The Goldman Sachs Group upped their price objective on Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Wells Fargo & Company cut their price target on Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. Weiss Ratings restated a “hold (c)” rating on shares of Permian Resources in a research note on Monday, December 29th. Royal Bank Of Canada increased their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Finally, Piper Sandler dropped their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 18th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.79.

Permian Resources Trading Up 2.3%

Shares of Permian Resources stock opened at $14.62 on Tuesday. The firm has a market cap of $12.12 billion, a PE ratio of 13.41 and a beta of 0.66. Permian Resources has a 1 year low of $10.01 and a 1 year high of $15.90. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a fifty day moving average price of $14.19 and a 200-day moving average price of $13.64.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS. Equities research analysts anticipate that Permian Resources will post 1.45 EPS for the current year.

Insiders Place Their Bets

In related news, CEO William M. Hickey III sold 467,725 shares of the company’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the completion of the sale, the chief executive officer directly owned 1,010,136 shares in the company, valued at $13,768,153.68. This represents a 31.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO James H. Walter sold 467,700 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $6,374,751.00. Following the completion of the sale, the chief executive officer owned 1,010,138 shares of the company’s stock, valued at approximately $13,768,180.94. This trade represents a 31.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 2,210,456 shares of company stock valued at $30,231,728 over the last quarter. Insiders own 6.44% of the company’s stock.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in PR. Bank of New York Mellon Corp lifted its position in Permian Resources by 86.8% during the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock valued at $326,380,000 after purchasing an additional 11,133,354 shares during the period. Boston Partners bought a new stake in shares of Permian Resources during the second quarter valued at approximately $134,119,000. Vanguard Group Inc. grew its position in shares of Permian Resources by 10.4% during the third quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after purchasing an additional 6,705,644 shares in the last quarter. Millennium Management LLC boosted its position in shares of Permian Resources by 210.6% during the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after acquiring an additional 6,678,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of 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 during 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.