Permian Resources (NYSE:PR) Now Covered by Analysts at Morgan Stanley

Analysts at Morgan Stanley initiated coverage on shares of Permian Resources (NYSE:PR) in a report issued on Friday,Benzinga reports. The brokerage set an “overweight” rating and a $19.00 price target on the stock. Morgan Stanley’s price objective would suggest a potential upside of 27.09% from the stock’s current price.

A number of other brokerages have also recently weighed in on PR. UBS Group dropped their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Piper Sandler dropped 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. Wells Fargo & Company decreased their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. Finally, Truist Financial increased their target price on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.88.

Permian Resources Trading Down 0.3 %

Shares of Permian Resources stock opened at $14.95 on Friday. The stock has a 50 day moving average of $14.76 and a 200 day moving average of $14.67. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a market capitalization of $12.01 billion, a price-to-earnings ratio of 9.06, a PEG ratio of 0.88 and a beta of 4.32. Permian Resources has a fifty-two week low of $12.59 and a fifty-two week high of $18.28.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company’s revenue was up 60.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 EPS. As a group, research analysts predict that Permian Resources will post 1.47 earnings per share for the current year.

Insiders Place Their Bets

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares in the company, valued at $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 Securities & Exchange Commission, which is available at this hyperlink. 12.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Hexagon Capital Partners LLC raised its stake in Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after acquiring an additional 1,998 shares in the last quarter. UMB Bank n.a. grew its holdings in shares of 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 purchasing an additional 1,390 shares during the last quarter. Sunbelt Securities Inc. increased its position in shares of Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after purchasing an additional 800 shares in the last quarter. Blue Trust Inc. lifted its holdings 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 valued at $45,000 after purchasing an additional 2,629 shares during the last quarter. Finally, National Bank of Canada FI acquired a new stake in shares of Permian Resources in the 3rd quarter valued at about $45,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.