Permian Resources (NASDAQ:PR) Earns “Buy” Rating from Benchmark

Permian Resources (NASDAQ:PR)‘s stock had its “buy” rating restated by Benchmark in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $17.00 target price on the stock. Benchmark’s target price suggests a potential downside of 0.58% from the stock’s current price.

A number of other equities analysts have also commented on PR. Raymond James began coverage on Permian Resources in a research note on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price target for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a report on Friday, April 12th. Citigroup raised their price objective on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Truist Financial raised their price objective on Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Monday. Finally, Bank of America assumed coverage on Permian Resources in a report on Friday, January 5th. They set a “neutral” rating and a $15.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and an average target price of $19.31.

Permian Resources Price Performance

Shares of NASDAQ PR traded down $0.07 during mid-day trading on Tuesday, reaching $17.10. The company’s stock had a trading volume of 1,626,558 shares, compared to its average volume of 9,362,157. The firm has a market capitalization of $13.20 billion, a PE ratio of 14.75 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a fifty day moving average of $16.45 and a two-hundred day moving average of $14.60. Permian Resources has a 52 week low of $8.94 and a 52 week high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. As a group, sell-side analysts anticipate that Permian Resources will post 1.72 EPS for the current fiscal year.

Insider Transactions at Permian Resources

In other news, Director William J. Quinn sold 18,076,849 shares of the firm’s stock in a transaction on Monday, March 4th. The stock was sold at an average price of $15.71, for a total value of $283,987,297.79. Following the completion of the sale, the director now owns 71,056,620 shares of the company’s stock, valued at approximately $1,116,299,500.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of Permian Resources stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the sale, the director now owns 71,056,620 shares of the company’s stock, valued at approximately $1,116,299,500.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of Permian Resources stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the sale, the insider now directly owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 in the last quarter. 23.14% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted its holdings in shares of Permian Resources by 317.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company’s stock worth $338,000 after purchasing an additional 18,398 shares during the last quarter. Zweig DiMenna Associates LLC boosted its holdings in shares of Permian Resources by 35.6% during the 3rd quarter. Zweig DiMenna Associates LLC now owns 501,300 shares of the company’s stock worth $6,998,000 after purchasing an additional 131,500 shares during the last quarter. Comerica Bank boosted its holdings in shares of Permian Resources by 110,645.5% during the 3rd quarter. Comerica Bank now owns 946,874 shares of the company’s stock worth $13,218,000 after purchasing an additional 946,019 shares during the last quarter. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Permian Resources by 7.2% during the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company’s stock worth $42,584,000 after purchasing an additional 210,870 shares during the last quarter. Finally, Raymond James & Associates boosted its holdings in shares of Permian Resources by 26.1% during the 4th quarter. Raymond James & Associates now owns 634,123 shares of the company’s stock worth $8,624,000 after purchasing an additional 131,078 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.