Permian Resources (NASDAQ:PR) Earns “Buy” Rating from Benchmark

Permian Resources (NASDAQ:PR)‘s stock had its “buy” rating reiterated by equities research analysts at Benchmark in a report released on Tuesday, Benzinga reports. They presently have a $17.00 price objective on the stock. Benchmark’s price objective would suggest a potential downside of 0.58% from the stock’s current price.

PR has been the subject of several other research reports. Truist Financial raised their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday. Mizuho raised their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. Citigroup raised their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Susquehanna raised their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Three investment analysts have rated the stock with a hold rating, ten have issued 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 an average rating of “Moderate Buy” and a consensus target price of $19.31.

Permian Resources Trading Down 0.4 %

Shares of Permian Resources stock traded down $0.07 on Tuesday, hitting $17.10. The stock had a trading volume of 1,626,558 shares, compared to its average volume of 9,362,157. The firm has a market capitalization of $13.20 billion, a P/E ratio of 14.75 and a beta of 4.35. The stock has a 50 day moving average of $16.45 and a 200 day moving average of $14.60. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. Permian Resources has a twelve month low of $8.94 and a twelve month high of $18.28.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. Sell-side analysts expect that Permian Resources will post 1.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Permian Resources

In related news, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now directly owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Permian Resources news, CAO Brent P. Jensen sold 84,554 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $14.96, for a total transaction of $1,264,927.84. Following the completion of the transaction, the chief accounting officer now directly owns 932,325 shares of the company’s stock, valued at $13,947,582. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Corporate insiders own 23.14% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Large investors have recently added to or reduced their stakes in the company. Parallel Advisors LLC increased its holdings in Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after acquiring an additional 1,178 shares during the last quarter. Rise Advisors LLC purchased a new stake in Permian Resources in the 1st quarter worth about $32,000. DekaBank Deutsche Girozentrale purchased a new stake in Permian Resources in the 4th quarter worth about $33,000. GAMMA Investing LLC purchased a new stake in Permian Resources in the 4th quarter worth about $43,000. Finally, Clearstead Advisors LLC bought a new position in Permian Resources in the 3rd quarter worth 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.