Permian Resources (NYSE:PR) Now Covered by KeyCorp

KeyCorp initiated coverage on shares of Permian Resources (NYSE:PR) in a report released on Tuesday,Benzinga reports. The brokerage set an “overweight” rating and a $25.00 price target on the stock. KeyCorp’s target price would indicate a potential upside of 18.44% from the company’s current price.

Other equities research analysts also recently issued reports about the stock. Citigroup boosted their price target on shares of Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, March 31st. Piper Sandler boosted their price target on shares of Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Scotiabank raised shares of Permian Resources to a “strong-buy” rating in a research note on Friday, March 27th. UBS Group boosted their price target on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, March 5th. Finally, Mizuho boosted their price target on shares of Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $21.67.

Permian Resources Stock Down 0.3%

PR stock opened at $21.11 on Tuesday. The company has a market cap of $17.65 billion, a price-to-earnings ratio of 16.89, a PEG ratio of 3.15 and a beta of 0.56. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. Permian Resources has a 12 month low of $10.01 and a 12 month high of $21.99. The firm has a 50-day moving average of $18.53 and a two-hundred day moving average of $15.34.

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

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 158,385 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the completion of the transaction, the executive vice president owned 1,567,172 shares in the company, valued at $28,820,293.08. The trade was a 9.18% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William J. Quinn sold 800,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the completion of the transaction, the director owned 7,426,839 shares of the company’s stock, valued at approximately $142,223,966.85. The trade was a 9.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,130,066 shares of company stock worth $58,837,655 over the last ninety days. 6.44% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of PR. Farther Finance Advisors LLC boosted its holdings in shares of Permian Resources by 114.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after buying an additional 1,047 shares in the last quarter. SHP Wealth Management acquired a new position in shares of Permian Resources in the 4th quarter valued at $27,000. Los Angeles Capital Management LLC acquired a new position in shares of Permian Resources in the 4th quarter valued at $39,000. State of Wyoming boosted its holdings in shares of Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after buying an additional 1,640 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after buying an additional 3,224 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

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.