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

Permian Resources (NASDAQ:PR)‘s stock had its “buy” rating reiterated by equities research analysts at Benchmark in a research note issued on Wednesday, Benzinga reports. They presently have a $17.00 price target on the stock. Benchmark’s price target indicates a potential upside of 22.74% from the stock’s current price.

PR has been the topic of a number of other research reports. Wells Fargo & Company boosted their price objective on Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. UBS Group upgraded shares of Permian Resources from a “neutral” rating to a “buy” rating and raised their price objective for the company from $20.00 to $21.00 in a report on Friday, June 14th. Royal Bank of Canada reissued an “outperform” rating and set a $20.00 target price on shares of Permian Resources in a report on Tuesday, July 30th. Truist Financial raised their price target on shares of Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, July 30th. Finally, Susquehanna boosted their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $20.50.

Permian Resources Stock Performance

Shares of PR traded up $0.13 during mid-day trading on Wednesday, hitting $13.85. 13,782,314 shares of the company’s stock were exchanged, compared to its average volume of 10,261,320. 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 firm has a market cap of $10.66 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 0.53 and a beta of 4.37. The stock’s 50-day simple moving average is $15.67 and its 200-day simple moving average is $15.88. Permian Resources has a 52 week low of $11.78 and a 52 week high of $18.28.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.03. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. Permian Resources’s revenue for the quarter was up 99.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.27 earnings per share. On average, equities research analysts expect that Permian Resources will post 1.72 EPS for the current year.

Insider Activity at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the sale, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 12.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC purchased a new position in shares of Permian Resources in the first quarter worth about $25,000. YHB Investment Advisors Inc. bought a new stake in Permian Resources during the 1st quarter valued at $26,000. Parallel Advisors LLC boosted 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 acquiring an additional 1,178 shares during the period. Innealta Capital LLC purchased a new position in shares of Permian Resources in the second quarter valued at $30,000. Finally, Rise Advisors LLC bought a new stake in shares of Permian Resources during the 1st quarter valued at $32,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.