Truist Financial Upgrades Permian Resources (NYSE:PR) to Strong-Buy

Permian Resources (NYSE:PR) was upgraded by equities research analysts at Truist Financial to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Raymond James Financial reaffirmed a “strong-buy” rating and set a $21.00 price objective on shares of Permian Resources in a report on Thursday, February 26th. Mizuho boosted their target price on shares of Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Benchmark lowered shares of Permian Resources from a “buy” rating to a “hold” rating in a research note on Thursday, March 5th. Weiss Ratings upgraded Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. Finally, UBS Group boosted their price objective on Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $21.07.

Permian Resources Stock Up 3.9%

Permian Resources stock opened at $20.69 on Monday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The stock has a market capitalization of $17.30 billion, a PE ratio of 16.55, a price-to-earnings-growth ratio of 3.99 and a beta of 0.66. The business has a 50 day simple moving average of $17.33 and a 200-day simple moving average of $14.86. Permian Resources has a 12 month low of $10.01 and a 12 month high of $20.76.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the firm posted $0.36 EPS. The business’s revenue was down 9.8% on a year-over-year basis. On average, analysts anticipate that Permian Resources will post 1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Guy M. Oliphint sold 4,999 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.28, for a total transaction of $91,381.72. Following the completion of the sale, the executive vice president owned 605,272 shares in the company, valued at $11,064,372.16. This trade represents a 0.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jeffrey Tepper sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $19.38, for a total value of $969,000.00. Following the completion of the transaction, the director owned 150,546 shares in the company, valued at $2,917,581.48. This represents a 24.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 5,340,522 shares of company stock worth $89,069,383. 12.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Permian Resources by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock valued at $1,057,930,000 after buying an additional 3,941,318 shares during the period. Dimensional Fund Advisors LP boosted its stake in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after buying an additional 4,533,732 shares during the period. Bank of New York Mellon Corp increased its position in shares of Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after acquiring an additional 13,483,136 shares during the last quarter. State Street Corp raised its stake in shares of Permian Resources by 2.0% in the 4th quarter. State Street Corp now owns 23,553,393 shares of the company’s stock valued at $330,454,000 after acquiring an additional 460,158 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake 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 valued at $236,207,000 after acquiring an additional 1,421,059 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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.