Morgan Stanley Begins Coverage on Permian Resources (NYSE:PR)

Research analysts at Morgan Stanley began coverage on shares of Permian Resources (NYSE:PR) in a research report issued to clients and investors on Friday,Benzinga reports. The firm set an “overweight” rating and a $19.00 price target on the stock. Morgan Stanley’s target price suggests a potential upside of 27.09% from the company’s current price.

Several other research firms have also commented on PR. UBS Group lowered their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. JPMorgan Chase & Co. decreased their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Wells Fargo & Company dropped their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Mizuho decreased their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Finally, Piper Sandler cut their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $18.88.

Permian Resources Price Performance

NYSE PR opened at $14.95 on Friday. The company has a market cap of $12.01 billion, a price-to-earnings ratio of 9.06, a PEG ratio of 0.88 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The stock’s fifty day moving average price is $14.76 and its 200 day moving average price is $14.67. Permian Resources has a 1 year low of $12.59 and a 1 year high of $18.28.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the company earned $0.36 earnings per share. The company’s revenue was up 60.3% on a year-over-year basis. As a group, equities research analysts forecast that Permian Resources will post 1.47 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 12.80% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

A number of hedge funds have recently bought and sold shares of PR. Hexagon Capital Partners LLC grew its position in shares of Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares in the last quarter. UMB Bank n.a. boosted its stake in Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after buying an additional 800 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after acquiring an additional 2,629 shares during the last quarter. Finally, National Bank of Canada FI purchased a new position in shares of Permian Resources during the 3rd quarter worth $45,000. Institutional investors and hedge funds 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.