Permian Resources' (PR) Outperform Rating Reaffirmed at Royal Bank of Canada

Permian Resources (NYSE:PR - Get Free Report)'s stock had its "outperform" rating reissued by Royal Bank of Canada in a report issued on Monday, Benzinga reports. They presently have a $17.00 price objective on the stock. Royal Bank of Canada's price target would indicate a potential upside of 19.51% from the stock's current price.

PR has been the subject of a number of other research reports. Truist Financial cut their price objective on shares of Permian Resources from $22.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, September 30th. Wolfe Research began coverage on shares of Permian Resources in a research report on Thursday, July 18th. They set a "peer perform" rating for the company. Benchmark reaffirmed a "buy" rating and set a $17.00 price objective on shares of Permian Resources in a research report on Wednesday, August 7th. 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 research report on Wednesday, September 4th. Finally, Wells Fargo & Company cut their price objective on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating for the company in a research report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.00.

Permian Resources Stock Down 2.0 %

NYSE:PR traded down $0.29 during trading hours on Monday, reaching $14.23. The company's stock had a trading volume of 6,553,836 shares, compared to its average volume of 10,093,187. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. Permian Resources has a one year low of $12.34 and a one year high of $18.28. The business's 50-day moving average is $14.08 and its 200-day moving average is $15.55. The company has a market cap of $10.95 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 0.85 and a beta of 4.32.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the prior year, the company earned $0.27 earnings per share. The business's quarterly revenue was up 99.9% compared to the same quarter last year. Equities research analysts predict that Permian Resources will post 1.49 EPS for the current year.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the firm's stock in a transaction that occurred 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 directly owns 61,399 shares of the company's stock, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP John Charles Bell sold 4,821 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 $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares of the company's stock, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 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 $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company's stock.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently made changes to their positions in the company. American International Group Inc. raised its holdings in shares of Permian Resources by 10.4% during the first quarter. American International Group Inc. now owns 830,432 shares of the company's stock worth $14,665,000 after acquiring an additional 78,146 shares during the period. Retirement Systems of Alabama increased its stake in Permian Resources by 22.4% in the 1st quarter. Retirement Systems of Alabama now owns 577,336 shares of the company's stock valued at $10,196,000 after buying an additional 105,565 shares during the last quarter. Vanguard Group Inc. increased its stake in Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company's stock valued at $657,088,000 after buying an additional 19,847,358 shares during the last quarter. Castleark Management LLC increased its stake in Permian Resources by 370.0% in the 1st quarter. Castleark Management LLC now owns 96,160 shares of the company's stock valued at $1,698,000 after buying an additional 75,700 shares during the last quarter. Finally, California State Teachers Retirement System increased its stake in Permian Resources by 11.2% in the 1st quarter. California State Teachers Retirement System now owns 435,627 shares of the company's stock valued at $7,693,000 after buying an additional 43,901 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.