Permian Resources (NYSE:PR) Rating Lowered to Strong Sell at Zacks Research

Permian Resources (NYSE:PR) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other analysts have also recently weighed in on PR. Piper Sandler lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 18th. Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a research note on Thursday, November 20th. Mizuho raised their target price on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Royal Bank Of Canada boosted their price target on Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Thursday, October 9th. Finally, UBS Group increased their price objective on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, December 12th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $18.79.

Permian Resources Stock Performance

Shares of NYSE:PR traded down $0.05 during trading on Tuesday, reaching $14.59. The stock had a trading volume of 1,044,118 shares, compared to its average volume of 9,879,241. The firm has a market capitalization of $12.10 billion, a price-to-earnings ratio of 13.38 and a beta of 0.66. Permian Resources has a 52 week low of $10.01 and a 52 week high of $15.89. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The stock has a fifty day simple moving average of $14.19 and a two-hundred day simple moving average of $13.64.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The firm’s revenue was up 8.7% on a year-over-year basis. During the same quarter last year, the company earned $0.53 earnings per share. As a group, analysts anticipate that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO William M. Hickey III sold 467,725 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the transaction, the chief executive officer directly owned 1,010,136 shares of the company’s stock, valued at $13,768,153.68. This trade represents a 31.65% decrease in their ownership of the stock. The sale 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 on 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 completion of the sale, the chief executive officer owned 1,010,138 shares of the company’s stock, valued at approximately $13,768,180.94. This represents a 31.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 2,210,456 shares of company stock valued at $30,231,728. 6.44% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Greenleaf Trust bought a new stake in Permian Resources in the 4th quarter valued at approximately $153,000. Unison Advisors LLC acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $690,000. Signaturefd LLC lifted its position in shares of Permian Resources by 11.2% in the fourth quarter. Signaturefd LLC now owns 13,800 shares of the company’s stock worth $194,000 after purchasing an additional 1,387 shares in the last quarter. Perpetual Ltd lifted its position in shares of Permian Resources by 17.2% in the fourth quarter. Perpetual Ltd now owns 3,443,381 shares of the company’s stock worth $48,311,000 after purchasing an additional 506,317 shares in the last quarter. Finally, Harbor Capital Advisors Inc. acquired a new position in Permian Resources during the fourth quarter worth $662,000. 91.84% of the stock is owned by institutional investors and hedge funds.

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.