Permian Resources (NYSE:PR) Stock Rating Lowered by Zacks Research

Permian Resources (NYSE:PR) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report issued on Tuesday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on PR. Royal Bank Of Canada lifted their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Thursday, October 9th. Bank of America reaffirmed a “neutral” rating and set a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Piper Sandler lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday, November 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th. Finally, Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.79.

Permian Resources Trading Up 2.3%

Shares of Permian Resources stock opened at $14.62 on Tuesday. The firm’s 50 day simple moving average is $14.19 and its two-hundred day simple moving average is $13.64. The firm has a market capitalization of $12.12 billion, a price-to-earnings ratio of 13.41 and a beta of 0.66. Permian Resources has a 12-month low of $10.01 and a 12-month high of $15.90. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.22). The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.53 EPS. Analysts predict that Permian Resources will post 1.45 EPS for the current year.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 172,904 shares of the company’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $2,356,681.52. Following the completion of the transaction, 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO William M. Hickey III sold 467,725 shares of the stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the transaction, the chief executive officer owned 1,010,136 shares in the company, valued at $13,768,153.68. This trade represents a 31.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 2,210,456 shares of company stock valued at $30,231,728. 6.44% of the stock is owned by company insiders.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently bought and sold shares of PR. Vanguard Group Inc. increased its position in shares of Permian Resources by 10.4% during the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after purchasing an additional 6,705,644 shares during the period. Dimensional Fund Advisors LP boosted its stake in Permian Resources by 20.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after purchasing an additional 4,691,280 shares during the period. Bank of New York Mellon Corp raised its position in Permian Resources by 86.8% during the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock valued at $326,380,000 after buying an additional 11,133,354 shares during the period. Massachusetts Financial Services Co. MA grew its position in Permian Resources by 8.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after purchasing an additional 1,421,059 shares in the last quarter. Finally, Boston Partners increased its stake in shares of Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after acquiring an additional 7,503,654 shares during the last quarter. Institutional investors 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.