Permian Resources (NASDAQ:PR) Stock Rating Reaffirmed by Benchmark

Permian Resources (NASDAQ:PR)‘s stock had its “buy” rating reaffirmed by investment analysts at Benchmark in a research note issued on Tuesday, Benzinga reports. They currently have a $17.00 target price on the stock. Benchmark’s price objective points to a potential downside of 1.51% from the stock’s current price.

A number of other brokerages have also recently issued reports on PR. Stifel Nicolaus upped their target price on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Mizuho boosted their price target on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Wells Fargo & Company boosted their price target on Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. JPMorgan Chase & Co. increased their price target on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Finally, Citigroup increased their price objective on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average target price of $19.31.

Permian Resources Stock Up 0.5 %

Shares of PR stock opened at $17.26 on Tuesday. The stock has a market cap of $13.32 billion, a P/E ratio of 14.88 and a beta of 4.35. Permian Resources has a twelve month low of $8.94 and a twelve month high of $18.28. The stock has a 50 day moving average of $16.58 and a 200 day moving average of $14.65. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. As a group, sell-side analysts expect that Permian Resources will post 1.72 EPS for the current year.

Insider Activity

In related news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at $15,457,119.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the sale, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brent P. Jensen sold 84,554 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $14.96, for a total transaction of $1,264,927.84. Following the completion of the sale, the chief accounting officer now directly owns 932,325 shares of the company’s stock, valued at approximately $13,947,582. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. 23.14% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Global Retirement Partners LLC acquired a new position in Permian Resources during the first quarter worth $25,000. Rise Advisors LLC purchased a new position in shares of Permian Resources during the first quarter worth approximately $32,000. Parallel Advisors LLC increased its stake in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after buying an additional 1,178 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in Permian Resources during the 4th quarter valued at $33,000. Finally, GAMMA Investing LLC bought a new stake in shares of Permian Resources during the 4th quarter valued at $43,000. Institutional investors own 91.84% of the company’s stock.

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.