Permian Resources (NYSE:PR) Stock Rating Lowered by Benchmark

Permian Resources (NYSE:PR) was downgraded by equities research analysts at Benchmark from a “buy” rating to a “hold” rating in a report released on Thursday, MarketBeat Ratings reports.

Other research analysts also recently issued research reports about the stock. Bank of America restated 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. Wall Street Zen raised Permian Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Mizuho lifted their price objective on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. The Goldman Sachs Group upped their price objective on Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Finally, UBS Group raised their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and a consensus price target of $19.25.

Permian Resources Stock Up 1.6%

PR stock traded up $0.30 on Thursday, reaching $18.83. 2,934,337 shares of the company traded hands, compared to its average volume of 12,033,810. The firm has a fifty day simple moving average of $15.79 and a 200-day simple moving average of $14.31. The company has a market cap of $15.62 billion, a P/E ratio of 15.06 and a beta of 0.66. Permian Resources has a one year low of $10.01 and a one year high of $19.38. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.09. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.36 earnings per share. Research analysts anticipate that Permian Resources will post 1.45 earnings per share for the current year.

Insider Activity

In related news, EVP John Charles Bell sold 106,399 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the sale, the executive vice president owned 376,442 shares of the company’s stock, valued at approximately $5,130,904.46. This trade represents a 22.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO James H. Walter sold 467,700 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $6,374,751.00. Following the completion of the transaction, the chief executive officer owned 1,010,138 shares of the company’s stock, valued at $13,768,180.94. The trade was a 31.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,210,456 shares of company stock valued at $30,231,728 in the last three months. 6.44% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently bought and sold shares of the stock. Ruffer LLP purchased a new position in Permian Resources during the 3rd quarter valued at about $2,608,000. Massachusetts Financial Services Co. MA lifted its position in shares of Permian Resources by 8.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock worth $236,207,000 after purchasing an additional 1,421,059 shares during the period. American Century Companies Inc. boosted its stake in shares of Permian Resources by 20.3% during the second quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock valued at $150,409,000 after purchasing an additional 1,863,632 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH increased its holdings in Permian Resources by 101.0% during the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock valued at $6,920,000 after buying an additional 271,668 shares during the period. Finally, Cresset Asset Management LLC increased its holdings in Permian Resources by 599.2% during the second quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock valued at $2,377,000 after buying an additional 149,548 shares during the period. 91.84% of the stock is owned by hedge funds and other 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.