Permian Resources’ (PR) Buy Rating Reaffirmed at Benchmark

Permian Resources (NASDAQ:PR)‘s stock had its “buy” rating reissued by equities researchers at Benchmark in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $17.00 price target on the stock. Benchmark’s price target indicates a potential downside of 1.51% from the stock’s previous close.

PR has been the topic of a number of other reports. Truist Financial increased their price target on shares of Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Monday. Mizuho raised their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Raymond James initiated coverage on Permian Resources in a research report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price objective for the company. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research report on Friday, April 12th. Finally, JPMorgan Chase & Co. raised their price objective on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $19.31.

Permian Resources Stock Up 0.5 %

Shares of NASDAQ PR opened at $17.26 on Tuesday. Permian Resources has a 1 year low of $8.94 and a 1 year high of $18.28. The stock has a market capitalization of $13.32 billion, a P/E ratio of 14.88 and a beta of 4.35. The company has a 50-day moving average price of $16.58 and a 200-day moving average price of $14.65. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, equities research analysts forecast that Permian Resources will post 1.72 EPS for the current fiscal year.

Insider Buying and Selling at Permian Resources

In related news, CAO Brent P. Jensen sold 1,853 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at $15,337,010.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock valued at $516,796,999 in the last quarter. 23.14% of the stock is owned by insiders.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue purchased a new position in Permian Resources during the third quarter worth approximately $460,000. Avior Wealth Management LLC purchased a new stake in Permian Resources during the 3rd quarter worth about $385,000. Commonwealth Equity Services LLC lifted its holdings in shares of Permian Resources by 12.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 23,356 shares of the company’s stock valued at $326,000 after purchasing an additional 2,582 shares during the last quarter. Xponance Inc. lifted its holdings in shares of Permian Resources by 157.3% in the 3rd quarter. Xponance Inc. now owns 38,530 shares of the company’s stock valued at $538,000 after purchasing an additional 23,555 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its position in Permian Resources by 6.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock worth $471,000 after purchasing an additional 2,063 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

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.