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

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

Several other research firms have also issued reports on PR. Truist Financial lifted their target price on shares of Permian Resources from $24.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a research report on Friday, March 27th. Wells Fargo & Company set a $26.00 price objective on Permian Resources in a research note on Monday, May 25th. The Goldman Sachs Group boosted their target price on Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a report on Wednesday, March 11th. Finally, TD Cowen increased their target price on Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $23.06.

Permian Resources Trading Up 3.1%

Shares of NYSE PR opened at $19.00 on Friday. Permian Resources has a 1 year low of $11.92 and a 1 year high of $22.67. The stock has a market cap of $15.90 billion, a P/E ratio of 22.09 and a beta of 0.48. The firm has a 50-day moving average of $20.05 and a 200 day moving average of $17.95. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

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

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares in the company, valued at $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 5.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC boosted its stake in Permian Resources by 10.1% during the 1st quarter. Parallel Advisors LLC now owns 12,153 shares of the company’s stock valued at $259,000 after purchasing an additional 1,110 shares during the last quarter. Essential Partners LLC increased its holdings in shares of Permian Resources by 4,400.0% in the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock worth $69,000 after purchasing an additional 3,168 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Permian Resources by 19.4% in the first quarter. Bank of America Corp DE now owns 2,971,238 shares of the company’s stock worth $63,347,000 after purchasing an additional 481,917 shares during the last quarter. Bull Harbor Capital LLC purchased a new position in shares of Permian Resources in the first quarter worth $220,000. Finally, Arkadios Wealth Advisors lifted its holdings in shares of Permian Resources by 38.0% during the first quarter. Arkadios Wealth Advisors now owns 22,570 shares of the company’s stock valued at $481,000 after purchasing an additional 6,218 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

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.