Permian Resources (NYSE:PR) Receives Outperform Rating from Royal Bank Of Canada

Permian Resources (NYSE:PR)‘s stock had its “outperform” rating reaffirmed by equities researchers at Royal Bank Of Canada in a report released on Thursday, Benzinga reports. They currently have a $27.00 price objective on the stock. Royal Bank Of Canada’s price target would suggest a potential upside of 21.89% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Morgan Stanley reissued an “overweight” rating on shares of Permian Resources in a research note on Wednesday, August 19th. Raymond James Financial restated a “strong-buy” rating and set a $29.00 price target on shares of Permian Resources in a report on Thursday, August 27th. Evercore began coverage on Permian Resources in a report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 price target on the stock. Wells Fargo & Company upgraded Permian Resources to a “strong-buy” rating in a report on Wednesday, September 2nd. Finally, Roth Capital set a $23.00 price target on Permian Resources and gave the company a “buy” rating in a report on Monday, June 22nd. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $24.83.

Permian Resources Stock Performance

Shares of NYSE PR traded up $0.47 during mid-day trading on Thursday, hitting $22.15. The company had a trading volume of 825,450 shares, compared to its average volume of 11,553,090. The company has a market capitalization of $18.55 billion, a price-to-earnings ratio of 14.65 and a beta of 0.49. Permian Resources has a 1 year low of $11.92 and a 1 year high of $24.65. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The stock’s 50-day moving average price is $22.11 and its 200-day moving average price is $20.67.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same period in the previous year, the business earned $0.28 earnings per share. The firm’s revenue was up 55.1% on a year-over-year basis. On average, sell-side analysts forecast that Permian Resources will post 2.27 earnings per share for the current year.

Insider Transactions at Permian Resources

In other news, EVP Guy Oliphint sold 5,103 shares of the company’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the transaction, the executive vice president directly owned 537,400 shares of the company’s stock, valued at approximately $12,763,250. This represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,220.00. Following the sale, the executive vice president directly owned 1,346,698 shares in the company, valued at $31,984,077.50. This represents a 0.38% decrease in their ownership of the stock. 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 three months, insiders have sold 15,699 shares of company stock valued at $372,851. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PR. SJS Investment Consulting Inc. increased its holdings in shares of Permian Resources by 1,862.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after buying an additional 1,341 shares during the last quarter. SHP Wealth Management acquired a new position in shares of Permian Resources in the fourth quarter worth $27,000. Cedar Mountain Advisors LLC acquired a new position in shares of Permian Resources in the first quarter worth $48,000. Essential Partners LLC lifted its position in shares of Permian Resources by 4,400.0% during the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock worth $69,000 after purchasing an additional 3,168 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Permian Resources during the 1st quarter worth $72,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.