Permian Resources (NYSE:PR) Upgraded to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Permian Resources (NYSE:PR) from a hold rating to a strong-buy rating in a research note published on Tuesday,Zacks reports.

A number of other equities research analysts have also commented on the stock. Raymond James Financial reiterated a “strong-buy” rating and set a $29.00 price target on shares of Permian Resources in a report on Thursday, August 27th. Wells Fargo & Company upgraded shares of Permian Resources to a “strong-buy” rating in a research report on Wednesday, September 2nd. Evercore began coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price objective for the company. Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a report on Wednesday, August 19th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $27.00 target price on shares of Permian Resources in a research note on Thursday, September 24th. Six research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $24.83.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $22.16 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The business’s 50 day simple moving average is $22.35 and its two-hundred day simple moving average is $20.84. The stock has a market capitalization of $18.56 billion, a P/E ratio of 14.68 and a beta of 0.66. Permian Resources has a one year low of $11.92 and a one year high of $24.65.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the firm posted $0.28 earnings per share. The business’s quarterly revenue was up 55.1% compared to the same quarter last year. Analysts forecast that Permian Resources will post 2.27 EPS for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Wednesday, September 16th. Permian Resources’s payout ratio is presently 42.38%.

Insiders Place Their Bets

In other news, EVP Robert Shannon sold 5,104 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,220.00. Following the completion of the sale, the executive vice president directly owned 1,346,698 shares of the company’s stock, valued at approximately $31,984,077.50. This trade represents a 0.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of Permian Resources stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the sale, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. The trade was a 0.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 15,699 shares of company stock worth $372,851. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently bought and sold shares of PR. Wellington Management Group LLP grew its holdings in shares of Permian Resources by 3.9% during the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock worth $371,074,000 after acquiring an additional 763,059 shares during the period. Jennison Associates LLC boosted its position in shares of Permian Resources by 63.1% during the first quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock valued at $132,824,000 after purchasing an additional 2,411,292 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in shares of Permian Resources during the first quarter valued at approximately $121,041,000. First Trust Advisors LP grew its stake in Permian Resources by 66.6% in the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock worth $118,636,000 after purchasing an additional 2,224,560 shares during the period. Finally, Principal Financial Group Inc. grew its stake in Permian Resources by 1.8% in the first quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock worth $100,911,000 after purchasing an additional 85,509 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of crude oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, a major portion of the broader Permian Basin in West Texas and southeastern New Mexico.

The company develops its properties primarily through horizontal drilling and hydraulic fracturing. Its activities include identifying and acquiring acreage, drilling and completing wells, producing hydrocarbons, and managing related gathering and infrastructure operations.