Permian Resources (NASDAQ:PR) Upgraded to “Outperform” at BMO Capital Markets

Permian Resources (NASDAQ:PR) was upgraded by BMO Capital Markets from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, Briefing.com reports. The brokerage currently has a $21.00 price target on the stock. BMO Capital Markets’ price objective indicates a potential upside of 28.68% from the company’s current price.

PR has been the subject of a number of other research reports. Susquehanna upped their price target on shares of Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, April 22nd. Bank of America restated a “buy” rating and set a $20.00 target price on shares of Permian Resources in a research note on Friday, June 14th. JPMorgan Chase & Co. lifted their price target on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. Royal Bank of Canada restated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research report on Friday, April 12th. Finally, Piper Sandler lifted their target price on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $20.36.

Permian Resources Price Performance

Permian Resources stock opened at $16.32 on Wednesday. The firm has a market cap of $12.57 billion, a PE ratio of 14.84, a price-to-earnings-growth ratio of 0.63 and a beta of 4.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. The stock’s fifty day moving average price is $16.16 and its two-hundred day moving average price is $15.47. Permian Resources has a one year low of $10.31 and a one year high of $18.28.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The company had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. As a group, research analysts expect that Permian Resources will post 1.78 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total value of $1,067,300.00. Following the sale, the director now directly owns 158,665 shares in the company, valued at $2,605,279.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently bought and sold shares of the company. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Permian Resources during the 4th quarter worth approximately $353,683,000. Vanguard Group Inc. grew its holdings in Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after purchasing an additional 19,847,358 shares during the period. OnyxPoint Global Management LP bought a new stake in Permian Resources in the fourth quarter valued at $114,159,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Permian Resources by 96.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after purchasing an additional 6,464,093 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Permian Resources by 480.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after purchasing an additional 5,012,287 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

About Permian Resources

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.