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

Permian Resources (NYSE:PR) was upgraded by investment analysts at Evercore to a “strong-buy” rating in a note issued to investors on Tuesday,Zacks.com reports.

PR has been the subject of several other reports. Zacks Research cut Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Wells Fargo & Company set a $26.00 price objective on shares of Permian Resources in a report on Monday, May 25th. UBS Group boosted their price target on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Scotiabank upped their target price on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Finally, Weiss Ratings lowered Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 12th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $23.18.

Permian Resources Stock Up 0.9%

PR opened at $19.17 on Tuesday. The firm has a market capitalization of $16.05 billion, a P/E ratio of 22.29 and a beta of 0.48. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The company has a fifty day moving average price of $20.02 and a 200-day moving average price of $17.98. Permian Resources has a one year low of $11.92 and a one year high of $22.67.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter last year, the company posted $0.44 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. Equities research analysts expect that Permian Resources will post 2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

Large investors have recently bought and sold shares of the business. Bank of New York Mellon Corp lifted its holdings in Permian Resources by 115.5% in 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 period. Boston Partners lifted its position in Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after purchasing an additional 7,503,654 shares in the last quarter. Millennium Management LLC increased its position in Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after buying an additional 6,678,814 shares in the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in shares of Permian Resources during the 1st quarter valued at about $121,041,000. Finally, Dimensional Fund Advisors LP grew its stake in shares of Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock valued at $346,919,000 after acquiring an additional 4,691,280 shares during the period. 91.84% of the stock is currently owned by institutional investors.

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.