Permian Resources (NYSE:PR) Upgraded to “Strong-Buy” at Seaport Research Partners

Permian Resources (NYSE:PR) was upgraded by investment analysts at Seaport Research Partners to a “strong-buy” rating in a research note issued to investors on Wednesday, Zacks reports.

Other research analysts also recently issued research reports about the company. Morgan Stanley reissued an “overweight” rating on shares of Permian Resources in a report on Wednesday, August 19th. Roth Capital set a $23.00 price objective on Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Wall Street Zen raised Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. UBS Group cut their target price on Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday, July 17th. Finally, Truist Financial increased their target price on Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Six investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $23.65.

Permian Resources Stock Performance

Shares of PR stock opened at $23.72 on Wednesday. Permian Resources has a 12 month low of $11.92 and a 12 month high of $24.09. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The firm has a market capitalization of $19.87 billion, a P/E ratio of 15.71 and a beta of 0.49. The company’s fifty day moving average price is $20.91 and its two-hundred day moving average price is $20.16.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The company had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.28 EPS. On average, research analysts anticipate that Permian Resources will post 2.24 earnings per share for the current fiscal year.

Insider Transactions at Permian Resources

In related news, EVP John Bell sold 5,492 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the sale, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,220.00. Following the sale, the executive vice president owned 1,346,698 shares in the company, valued at $31,984,077.50. The trade was a 0.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 15,699 shares of company stock valued at $372,851. Insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently made changes to their positions in PR. California State Teachers Retirement System raised its position in shares of Permian Resources by 1,885.1% during the 2nd quarter. California State Teachers Retirement System now owns 16,229,501 shares of the company’s stock valued at $298,785,000 after acquiring an additional 15,411,935 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares during the period. Boston Partners boosted its holdings in 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 purchasing an additional 7,503,654 shares during the period. Millennium Management LLC increased its stake in Permian Resources by 210.6% during the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after purchasing an additional 6,678,814 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Permian Resources during the first quarter valued at $121,041,000. 91.84% of the stock is currently owned by 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.