TD Cowen Upgrades Permian Resources (NYSE:PR) to Strong-Buy

Permian Resources (NYSE:PR) was upgraded by equities researchers at TD Cowen to a “strong-buy” rating in a report issued on Monday,Zacks.com reports.

PR has been the subject of a number of other reports. Morgan Stanley cut their price objective on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Wall Street Zen upgraded Permian Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Benchmark reaffirmed a “buy” rating on shares of Permian Resources in a research report on Monday, February 2nd. UBS Group raised their price objective on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.71.

Permian Resources Price Performance

Shares of PR opened at $17.14 on Monday. The firm’s 50-day simple moving average is $14.67 and its two-hundred day simple moving average is $13.83. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. The stock has a market cap of $14.21 billion, a PE ratio of 15.72 and a beta of 0.76. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $17.29.

Insider Activity

In related news, EVP John Charles Bell sold 106,399 shares of the firm’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 $1,450,218.37. Following the completion of the sale, the executive vice president owned 376,442 shares in the company, valued at $5,130,904.46. This trade represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO William M. Hickey III sold 467,725 shares of the firm’s stock in a transaction dated 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 of the company’s stock, 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. Insiders sold a total of 2,210,456 shares of company stock valued at $30,231,728 over the last ninety days. 12.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC lifted its stake in Permian Resources by 114.1% in the third 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 during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Permian Resources by 154.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after buying an additional 1,391 shares during the period. FNY Investment Advisers LLC acquired a new position in Permian Resources in the 2nd quarter worth approximately $36,000. Parkside Financial Bank & Trust boosted its position in shares of Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after buying an additional 1,357 shares during the period. Finally, LRI Investments LLC purchased a new position in Permian Resources during the 2nd quarter valued at about $54,000. 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.