Permian Resources (NYSE:PR) Upgraded by Roth Mkm to Strong-Buy Rating

Roth Mkm upgraded shares of Permian Resources (NYSE:PR) from a hold rating to a strong-buy rating in a report published on Sunday,Zacks.com reports.

PR has been the topic of several other research reports. BMO Capital Markets upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. Benchmark downgraded shares of Permian Resources from a “buy” rating to a “hold” rating in a research note on Thursday, March 5th. Wells Fargo & Company set a $26.00 price objective on shares of Permian Resources in a research report on Monday, May 25th. Mizuho raised their target price on shares of Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Truist Financial lifted their target price on shares of Permian Resources from $24.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Buy” and an average target price of $23.06.

Permian Resources Stock Performance

Permian Resources stock opened at $19.00 on Friday. The stock’s 50-day moving average is $20.05 and its 200-day moving average is $17.95. The company has a market cap of $15.90 billion, a price-to-earnings ratio of 22.09 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. Permian Resources has a 12 month low of $11.92 and a 12 month high of $22.67.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the company posted $0.44 EPS. The company’s revenue was up .9% compared to the same quarter last year. Equities analysts anticipate that Permian Resources will post 2 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.4%. Permian Resources’s payout ratio is 74.42%.

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president owned 542,503 shares in the company, valued at $11,088,761.32. This represents a 10.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.00% of the company’s stock.

Institutional Trading of Permian Resources

A number of hedge funds have recently made changes to their positions in PR. Parallel Advisors LLC lifted its position in shares of Permian Resources by 10.1% during the first quarter. Parallel Advisors LLC now owns 12,153 shares of the company’s stock worth $259,000 after purchasing an additional 1,110 shares in the last quarter. Essential Partners LLC grew its holdings in Permian Resources by 4,400.0% during the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after purchasing an additional 3,168 shares in the last quarter. Bank of America Corp DE grew its holdings in Permian Resources by 19.4% during the 1st quarter. Bank of America Corp DE now owns 2,971,238 shares of the company’s stock valued at $63,347,000 after purchasing an additional 481,917 shares in the last quarter. Bull Harbor Capital LLC purchased a new stake in Permian Resources during the 1st quarter worth $220,000. Finally, Arkadios Wealth Advisors increased its stake in Permian Resources by 38.0% during the 1st quarter. Arkadios Wealth Advisors now owns 22,570 shares of the company’s stock worth $481,000 after buying an additional 6,218 shares during the period. Hedge funds and other institutional investors 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.