Royal Bank of Canada Reiterates “Outperform” Rating for Permian Resources (NYSE:PR)

Permian Resources (NYSE:PR)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a report issued on Monday, Benzinga reports. They presently have a $17.00 target price on the stock. Royal Bank of Canada’s price target indicates a potential upside of 25.18% from the company’s previous close.

A number of other equities analysts also recently weighed in on PR. Mizuho dropped their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Wolfe Research began coverage on shares of Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. 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 note on Wednesday, September 18th. JPMorgan Chase & Co. dropped their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Finally, BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research note on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $13.58 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. The firm’s 50-day simple moving average is $14.07 and its 200-day simple moving average is $15.52. Permian Resources has a twelve month low of $12.34 and a twelve month high of $18.28. The firm has a market cap of $10.46 billion, a P/E ratio of 12.35, a price-to-earnings-growth ratio of 0.85 and a beta of 4.32.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period last year, the firm posted $0.27 EPS. The firm’s quarterly revenue was up 99.9% on a year-over-year basis. As a group, research analysts expect that Permian Resources will post 1.49 EPS for the current fiscal year.

Insiders Place Their Bets

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the company’s 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 sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction dated 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 $855,288.07. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were 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 directly owns 77,237 shares in the company, valued at $1,075,911.41. The trade was 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

Several institutional investors and hedge funds have recently modified their holdings of PR. Vanguard Group Inc. grew its stake in Permian Resources by 69.7% during the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after buying an additional 19,847,358 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Permian Resources by 480.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after buying an additional 5,012,287 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after buying an additional 4,497,184 shares in the last quarter. Merewether Investment Management LP grew its stake in Permian Resources by 148.1% during the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock worth $95,292,000 after buying an additional 3,522,300 shares in the last quarter. Finally, Point72 Asset Management L.P. grew its stake in Permian Resources by 16,359.8% during the second quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock worth $56,089,000 after buying an additional 3,451,923 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.