Permian Resources (NASDAQ:PR) Upgraded to Outperform by TD Cowen

Permian Resources (NASDAQ:PR – Get Rating) was upgraded by stock analysts at TD Cowen from a “market perform” rating to an “outperform” rating in a report released on Wednesday, Briefing.com reports. The firm currently has a $15.00 price target on the stock. TD Cowen’s target price indicates a potential upside of 25.94% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Piper Sandler dropped their target price on shares of Permian Resources from $15.00 to $14.00 in a research report on Thursday, December 1st. Cowen raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 target price on the stock in a research note on Wednesday. Truist Financial lifted their target price on shares of Permian Resources from $13.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, February 1st. Susquehanna raised their price objective on Permian Resources from $11.00 to $12.00 and gave the company a “neutral” rating in a research report on Monday. Finally, Cowen upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price objective on the stock in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $13.80.

Permian Resources Price Performance

Shares of NASDAQ:PR opened at $11.91 on Wednesday. The firm has a market capitalization of $6.64 billion, a price-to-earnings ratio of 7.40 and a beta of 4.54. Permian Resources has a 12 month low of $5.08 and a 12 month high of $11.99. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.77 and a quick ratio of 0.72. The stock’s 50-day moving average price is $10.03.

Institutional Investors Weigh In On Permian Resources

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP purchased a new stake in Permian Resources during the 3rd quarter worth approximately $307,000. Credit Suisse AG purchased a new stake in Permian Resources during the 3rd quarter worth approximately $5,993,000. Triad Investment Management purchased a new stake in Permian Resources during the 3rd quarter worth approximately $165,000. Renaissance Technologies LLC purchased a new stake in Permian Resources during the 3rd quarter worth approximately $19,532,000. Finally, Nordea Investment Management AB purchased a new stake in Permian Resources during the 3rd quarter worth approximately $3,702,000. 88.44% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Company Profile

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Permian Resources Corp. operates as an oil and natural gas company. It focuses on the development of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. The company was founded on October 6, 2014 and is headquartered in Denver, CO.