Truist Financial Begins Coverage on Permian Resources (NYSE:PR)

Truist Financial began coverage on shares of Permian Resources (NYSE:PR) in a research report issued on Tuesday. The brokerage set a “buy” rating and a $24.00 price target on the stock. Truist Financial’s target price indicates a potential upside of 20.63% from the company’s current price.

A number of other analysts have also recently issued reports on the company. Benchmark cut Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Wells Fargo & Company boosted their target price on Permian Resources from $17.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, March 16th. Susquehanna dropped their price target 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. Mizuho raised their price target on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Finally, Citigroup upped their price objective on shares of Permian Resources from $17.00 to $21.00 and gave the company a “buy” rating in a report on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $21.07.

Permian Resources Stock Down 0.9%

Permian Resources stock opened at $19.90 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The company’s 50-day moving average is $17.20 and its 200-day moving average is $14.81. The firm has a market capitalization of $16.64 billion, a PE ratio of 15.92, a P/E/G ratio of 4.02 and a beta of 0.66. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $20.41.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the business posted $0.36 EPS. Permian Resources’s revenue was down 9.8% on a year-over-year basis. Sell-side analysts anticipate that Permian Resources will post 1.45 earnings per share for the current year.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 158,385 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the transaction, the executive vice president owned 1,567,172 shares in the company, valued at $28,820,293.08. This trade represents a 9.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Guy M. Oliphint sold 172,904 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $2,356,681.52. Following the sale, the executive vice president directly owned 616,683 shares of the company’s stock, valued at $8,405,389.29. This represents a 21.90% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 5,340,522 shares of company stock worth $89,069,383. 12.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PR. SHP Wealth Management acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $27,000. Farther Finance Advisors LLC raised its holdings in Permian Resources by 114.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after acquiring an additional 1,047 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Permian Resources in the fourth quarter worth $39,000. State of Wyoming raised its stake in Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after purchasing an additional 3,224 shares in the last quarter. Institutional investors and hedge funds 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.