Permian Resources (NYSE:PR) Stock Rating Upgraded by Roth Mkm

Permian Resources (NYSE:PR) was upgraded by equities researchers at Roth Mkm from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Sunday,Zacks.com reports.

Several other equities research analysts have also recently commented on PR. Morgan Stanley reissued an “overweight” rating on shares of Permian Resources in a research note on Friday, March 27th. Royal Bank Of Canada raised their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, March 2nd. TD Cowen lifted their target price on shares of Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. Benchmark downgraded shares of Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Finally, The Goldman Sachs Group boosted their target price on shares of Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Four investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $23.06.

Permian Resources Price Performance

PR opened at $19.00 on Friday. The stock has a fifty day moving average price of $20.05 and a 200 day moving average price of $17.95. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources has a 1 year low of $11.92 and a 1 year high of $22.67. The stock has a market cap of $15.90 billion, a price-to-earnings ratio of 22.09 and a beta of 0.48.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the firm posted $0.44 EPS. The business’s revenue was up .9% compared to the same quarter last year. Analysts forecast that Permian Resources will post 2 EPS for the current fiscal year.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its position in Permian Resources by 10.1% during the first quarter. Parallel Advisors LLC now owns 12,153 shares of the company’s stock worth $259,000 after purchasing an additional 1,110 shares during the period. Essential Partners LLC raised its position in shares of Permian Resources by 4,400.0% in the first quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after purchasing an additional 3,168 shares during the period. Bank of America Corp DE raised its position in shares of Permian Resources by 19.4% in the first quarter. Bank of America Corp DE now owns 2,971,238 shares of the company’s stock valued at $63,347,000 after purchasing an additional 481,917 shares during the period. Bull Harbor Capital LLC acquired a new stake in shares of Permian Resources in the first quarter worth $220,000. Finally, Arkadios Wealth Advisors lifted its stake in shares of Permian Resources by 38.0% in the first quarter. Arkadios Wealth Advisors now owns 22,570 shares of the company’s stock worth $481,000 after buying an additional 6,218 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 (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.