Permian Resources (NYSE:PR) Now Covered by The Goldman Sachs Group

Equities research analysts at The Goldman Sachs Group assumed coverage on shares of Permian Resources (NYSE:PR) in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $19.00 price target on the stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 37.58% from the stock’s previous close.

Several other research firms also recently commented on PR. Wolfe Research started coverage on shares of Permian Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Mizuho cut their price objective on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Susquehanna cut their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Citigroup cut their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Wednesday, July 3rd. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.20.

Permian Resources Trading Up 1.5 %

Shares of PR stock opened at $13.81 on Monday. The company has a 50 day moving average of $14.16 and a 200-day moving average of $15.72. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. Permian Resources has a 12-month low of $12.34 and a 12-month high of $18.28. The firm has a market cap of $11.08 billion, a P/E ratio of 12.55, a PEG ratio of 0.78 and a beta of 4.33.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. Permian Resources’s revenue for the quarter was up 99.9% on a year-over-year basis. During the same period last year, the firm earned $0.27 EPS. Sell-side analysts anticipate that Permian Resources will post 1.53 earnings per share for the current year.

Insider Transactions at Permian Resources

In other news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

A number of large investors have recently added to or reduced their stakes in the business. Parallel Advisors LLC increased its position 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 valued at $30,000 after acquiring an additional 1,178 shares during the period. TFO Wealth Partners LLC increased its position in shares of Permian Resources by 154,328.6% in the fourth quarter. TFO Wealth Partners LLC now owns 10,810 shares of the company’s stock valued at $147,000 after acquiring an additional 10,803 shares during the period. Rafferty Asset Management LLC increased its position in shares of Permian Resources by 5.7% in the fourth quarter. Rafferty Asset Management LLC now owns 544,890 shares of the company’s stock valued at $7,411,000 after acquiring an additional 29,154 shares during the period. 1832 Asset Management L.P. increased its position in shares of Permian Resources by 0.7% in the fourth quarter. 1832 Asset Management L.P. now owns 898,557 shares of the company’s stock valued at $12,220,000 after acquiring an additional 6,357 shares during the period. Finally, Homestead Advisers Corp increased its position in shares of Permian Resources by 7.4% in the fourth quarter. Homestead Advisers Corp now owns 243,300 shares of the company’s stock valued at $3,309,000 after acquiring an additional 16,800 shares during the period. Hedge funds and other 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.