Permian Resources (NYSE:PR) Upgraded by TD Cowen to Strong-Buy Rating

TD Cowen upgraded shares of Permian Resources (NYSE:PR) to a strong-buy rating in a research note released on Monday morning,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. UBS Group increased their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, December 12th. Mizuho increased their price target on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Susquehanna dropped their price objective on Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a research note on Monday, January 26th. Wall Street Zen raised Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Zacks Research cut Permian Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.71.

Permian Resources Stock Performance

Shares of Permian Resources stock traded down $0.24 on Monday, hitting $16.91. 2,510,539 shares of the company’s stock were exchanged, compared to its average volume of 11,164,187. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. The company has a 50-day simple moving average of $14.67 and a 200-day simple moving average of $13.83. The stock has a market capitalization of $14.02 billion, a PE ratio of 15.52 and a beta of 0.76. Permian Resources has a 1 year low of $10.01 and a 1 year high of $17.29.

Insider Activity

In related news, EVP Robert Regan Shannon sold 106,405 shares of Permian Resources stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,300.15. Following the completion of the transaction, the executive vice president owned 360,667 shares in the company, valued at $4,915,891.21. The trade was a 22.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the chief executive officer owned 1,010,138 shares in the company, valued at $13,768,180.94. This represents a 31.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 2,210,456 shares of company stock worth $30,231,728. 12.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Large investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC grew its position in shares of Permian Resources by 114.1% in 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 during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in Permian Resources by 154.4% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after buying an additional 1,391 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in Permian Resources during the 2nd quarter worth approximately $36,000. Parkside Financial Bank & Trust raised its holdings in shares of Permian Resources by 90.8% during the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after acquiring an additional 1,357 shares during the last quarter. Finally, LRI Investments LLC purchased a new position in shares of Permian Resources in the second quarter valued at approximately $54,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.