Permian Resources’ (PR) Outperform Rating Reiterated at Royal Bank of Canada

Permian Resources (NASDAQ:PR)‘s stock had its “outperform” rating restated by Royal Bank of Canada in a research note issued to investors on Monday, Benzinga reports. They currently have a $20.00 target price on the stock. Royal Bank of Canada’s price objective suggests a potential upside of 34.41% from the stock’s previous close.

A number of other research analysts have also recently weighed in on PR. Mizuho raised their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a research note on Wednesday, May 8th. Wolfe Research assumed coverage on Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Wells Fargo & Company upped their price objective on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Truist Financial increased their price objective on Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, Piper Sandler boosted their target price on shares of Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $20.14.

Permian Resources Stock Performance

NASDAQ PR traded up $0.27 during trading hours on Monday, hitting $14.88. 5,356,840 shares of the stock were exchanged, compared to its average volume of 10,268,878. Permian Resources has a 12-month low of $12.10 and a 12-month high of $18.28. The stock has a 50-day moving average of $15.56 and a 200 day moving average of $15.90. The company has a market cap of $11.46 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 0.53 and a beta of 4.37. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 12.45%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the firm posted $0.27 EPS. The business’s revenue was up 99.9% compared to the same quarter last year. As a group, equities research analysts forecast that Permian Resources will post 1.72 earnings per share for the current year.

Insider Buying and Selling at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the completion of the sale, the director now owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new stake in shares of Permian Resources in the first quarter valued at approximately $25,000. YHB Investment Advisors Inc. acquired a new position in Permian Resources during the first quarter worth $26,000. Parallel Advisors LLC lifted its holdings in shares of Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after acquiring an additional 1,178 shares during the period. Innealta Capital LLC acquired a new stake in shares of Permian Resources during the 2nd quarter worth about $30,000. Finally, Rise Advisors LLC bought a new stake in Permian Resources during the first quarter worth about $32,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.