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

Research analysts at Morgan Stanley assumed coverage on shares of Permian Resources (NYSE:PR) in a note issued to investors on Friday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $19.00 price target on the stock. Morgan Stanley’s price target would suggest a potential upside of 25.41% from the stock’s current price.

Other equities analysts have also issued reports about the company. Mizuho reduced their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. JPMorgan Chase & Co. reduced their target price 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 reduced their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Finally, Truist Financial increased their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $18.88.

Permian Resources Stock Performance

Shares of PR opened at $15.15 on Friday. 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 stock has a 50 day moving average price of $14.79 and a two-hundred day moving average price of $14.65. The firm has a market capitalization of $12.17 billion, a P/E ratio of 9.18, a P/E/G ratio of 0.88 and a beta of 4.32. Permian Resources has a 52 week low of $12.59 and a 52 week high of $18.28.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates 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 for the quarter was up 60.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS. Equities analysts forecast that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Guy M. Oliphint sold 8,761 shares of the 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 owns 134,617 shares in the company, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Hexagon Capital Partners LLC raised its position in Permian Resources by 28,542.9% during 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. ORG Wealth Partners LLC purchased a new stake in Permian Resources during the fourth quarter valued at about $31,000. UMB Bank n.a. raised its position in Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares in the last quarter. Sunbelt Securities Inc. raised its position in Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after purchasing an additional 800 shares in the last quarter. Finally, Blue Trust Inc. raised its position in Permian Resources by 399.5% during the third 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 in the last quarter. Hedge funds and other institutional investors 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.