Permian Resources (NASDAQ:PR) Stock Rating Reaffirmed by Royal Bank of Canada

Permian Resources (NASDAQ:PR)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a report issued on Thursday, Benzinga reports. They presently have a $20.00 price target on the stock. Royal Bank of Canada’s target price points to a potential upside of 22.47% from the company’s current price.

Several other brokerages have also recently weighed in on PR. Wells Fargo & Company increased their target price on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Mizuho increased their target price on Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. UBS Group upgraded Permian Resources from a “neutral” rating to a “buy” rating and increased their target price for the company from $20.00 to $21.00 in a report on Friday, June 14th. Bank of America restated a “buy” rating and set a $20.00 target price on shares of Permian Resources in a report on Friday, June 14th. Finally, Truist Financial increased their target price on Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a report on Monday, April 22nd. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $20.57.

Permian Resources Price Performance

Shares of NASDAQ PR opened at $16.33 on Thursday. The firm has a market capitalization of $12.57 billion, a P/E ratio of 14.85, a P/E/G ratio of 0.64 and a beta of 4.37. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. The stock’s 50-day simple moving average is $16.05 and its two-hundred day simple moving average is $15.61. Permian Resources has a twelve month low of $10.59 and a twelve month high of $18.28.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The business had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. As a group, equities analysts anticipate that Permian Resources will post 1.76 EPS for the current fiscal year.

Insider Transactions at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 158,665 shares in the company, valued at approximately $2,605,279.30. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. Global Retirement Partners LLC bought a new stake in Permian Resources during the first quarter valued at about $25,000. YHB Investment Advisors Inc. bought a new stake in shares of Permian Resources in the first quarter worth about $26,000. Rise Advisors LLC bought a new stake in shares of Permian Resources in the first quarter worth about $32,000. Transcendent Capital Group LLC bought a new stake in shares of Permian Resources in the first quarter worth about $36,000. Finally, Parallel Advisors LLC increased its holdings 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 purchasing an additional 1,178 shares during the last quarter. 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.