Permian Resources (NYSE:PR) Hits New 52-Week High Following Analyst Upgrade

Permian Resources Corporation (NYSE:PR) shares reached a new 52-week high during trading on Tuesday after TD Cowen upgraded the stock to a strong-buy rating. The company traded as high as $17.29 and last traded at $17.14, with a volume of 13510297 shares changing hands. The stock had previously closed at $16.93.

A number of other brokerages have also recently commented on PR. The Goldman Sachs Group lifted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Morgan Stanley decreased their target price on 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 shares of Permian Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Zacks Research cut shares of Permian Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 20th. Finally, Bank of America restated a “neutral” rating and issued a $16.00 price target (down previously from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.71.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 106,399 shares of the business’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the completion of the sale, the executive vice president directly owned 376,442 shares in the company, valued at $5,130,904.46. The trade was a 22.04% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO James H. Walter sold 467,700 shares of the company’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 $6,374,751.00. Following the sale, the chief executive officer directly owned 1,010,138 shares of the company’s stock, valued at $13,768,180.94. The trade was a 31.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 2,210,456 shares of company stock valued at $30,231,728. 6.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds have recently modified their holdings of the company. CI Investments Inc. raised its position in shares of Permian Resources by 46.8% during the 4th quarter. CI Investments Inc. now owns 11,427 shares of the company’s stock valued at $160,000 after purchasing an additional 3,643 shares during the period. Federation des caisses Desjardins du Quebec increased its stake in Permian Resources by 43.2% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 55,071 shares of the company’s stock worth $773,000 after buying an additional 16,618 shares in the last quarter. DRW Securities LLC increased its stake in Permian Resources by 50.0% in the 4th quarter. DRW Securities LLC now owns 23,294 shares of the company’s stock worth $327,000 after buying an additional 7,765 shares in the last quarter. Brooklyn Investment Group raised its holdings in Permian Resources by 103.4% during the fourth quarter. Brooklyn Investment Group now owns 59,859 shares of the company’s stock valued at $833,000 after acquiring an additional 30,432 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in shares of Permian Resources by 16.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 148,869 shares of the company’s stock valued at $2,089,000 after acquiring an additional 21,457 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Down 1.9%

The firm has a market capitalization of $13.97 billion, a PE ratio of 15.46 and a beta of 0.77. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The company has a 50-day moving average price of $14.77 and a 200 day moving average price of $13.88.

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.