Weiss Ratings Reaffirms “Buy (B-)” Rating for Permian Resources (NYSE:PR)

Permian Resources (NYSE:PR)‘s stock had its “buy (b-)” rating reiterated by stock analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

A number of other equities research analysts also recently weighed in on PR. Raymond James Financial lowered their price target on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a research report on Tuesday, September 2nd. Piper Sandler raised their price target on Permian Resources from $19.00 to $20.00 and gave the company an “overweight” rating in a research report on Thursday, July 17th. Wall Street Zen downgraded Permian Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Mizuho lowered their price target on Permian Resources from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Finally, Morgan Stanley raised their price target on Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Buy” and a consensus target price of $18.69.

Permian Resources Trading Down 2.0%

Shares of PR stock opened at $12.79 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. Permian Resources has a 52-week low of $10.01 and a 52-week high of $16.33. The company has a market capitalization of $10.23 billion, a PE ratio of 8.30 and a beta of 1.32. The business’s fifty day moving average is $13.51 and its 200 day moving average is $13.27.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the business posted $0.39 earnings per share. The firm’s revenue was down 3.9% compared to the same quarter last year. On average, equities research analysts anticipate that Permian Resources will post 1.45 EPS for the current fiscal year.

Insider Activity

In related news, EVP Robert Regan Shannon sold 4,742 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares of the company’s stock, valued at $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Charles Bell sold 4,743 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president directly owned 107,569 shares in the company, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.44% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

Several large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its position in Permian Resources by 86.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock valued at $326,380,000 after acquiring an additional 11,133,354 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Permian Resources by 19.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock valued at $195,276,000 after acquiring an additional 2,286,363 shares in the last quarter. Nuveen LLC bought a new stake in Permian Resources during the 1st quarter valued at approximately $175,525,000. American Century Companies Inc. boosted its position in Permian Resources by 20.3% during the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock valued at $150,409,000 after acquiring an additional 1,863,632 shares in the last quarter. Finally, Boston Partners bought a new stake in Permian Resources during the 2nd quarter valued at approximately $134,119,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.