Permian Resources (NYSE:PR) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Permian Resources (NYSE:PR) from a strong sell rating to a hold rating in a research report report published on Wednesday morning,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. UBS Group raised their target price on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. Weiss Ratings reissued a “hold (c)” rating on shares of Permian Resources in a research note on Monday, December 29th. Piper Sandler cut their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. Wells Fargo & Company lifted their target price on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, January 27th. Finally, TD Cowen upgraded Permian Resources to a “strong-buy” rating in a research note on Monday, February 9th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.71.

Permian Resources Trading Down 0.7%

NYSE:PR traded down $0.13 during mid-day trading on Wednesday, reaching $17.76. The company’s stock had a trading volume of 1,169,316 shares, compared to its average volume of 11,576,856. 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 stock has a market cap of $14.72 billion, a P/E ratio of 16.30 and a beta of 0.77. The company’s fifty day simple moving average is $15.07 and its two-hundred day simple moving average is $14.01. Permian Resources has a twelve month low of $10.01 and a twelve month high of $18.14.

Insider Activity

In other Permian Resources news, EVP Guy M. Oliphint sold 172,904 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $2,356,681.52. Following the completion of the transaction, the executive vice president owned 616,683 shares in the company, valued at $8,405,389.29. This represents a 21.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Charles Bell sold 106,399 shares of the stock in a transaction that occurred on Tuesday, January 6th. The shares were 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 of the company’s stock, valued at $5,130,904.46. This trade represents a 22.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,210,456 shares of company stock worth $30,231,728 in the last ninety days. 6.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently added to or reduced their stakes in the company. Ruffer LLP acquired a new stake in Permian Resources in the third quarter worth approximately $2,608,000. Massachusetts Financial Services Co. MA increased its position in shares of Permian Resources by 8.3% during 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 purchasing an additional 1,421,059 shares during the period. American Century Companies Inc. raised its stake in shares of Permian Resources by 20.3% in the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock worth $150,409,000 after buying an additional 1,863,632 shares in the last quarter. Cresset Asset Management LLC raised its stake in shares of Permian Resources by 599.2% in the 2nd quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock worth $2,377,000 after buying an additional 149,548 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH lifted its holdings in shares of Permian Resources by 101.0% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock valued at $6,920,000 after buying an additional 271,668 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.