Royal Bank of Canada Reaffirms “Outperform” Rating for Permian Resources (NASDAQ:PR)

Permian Resources (NASDAQ:PR)‘s stock had its “outperform” rating restated by equities research analysts at Royal Bank of Canada in a report issued on Friday, Benzinga reports. They presently have a $17.00 price target on the stock. Royal Bank of Canada’s target price indicates a potential downside of 4.12% from the company’s previous close.

Several other analysts have also weighed in on PR. Benchmark increased their price target on Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a report on Tuesday, March 5th. Wells Fargo & Company increased their price target on Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Tuesday, March 5th. Susquehanna increased their price target on Permian Resources from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Stifel Nicolaus increased their price target on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Finally, Mizuho increased their target price on Permian Resources from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $18.62.

Permian Resources Stock Down 0.4 %

NASDAQ PR opened at $17.73 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market capitalization of $13.69 billion, a P/E ratio of 15.28 and a beta of 4.35. Permian Resources has a one year low of $8.94 and a one year high of $18.28. The stock has a 50 day moving average price of $15.96 and a 200-day moving average price of $14.43.

Permian Resources (NASDAQ:PR) last posted its earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. As a group, equities analysts predict that Permian Resources will post 1.69 EPS for the current fiscal year.

Insider Activity

In other news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Brent P. Jensen sold 1,853 shares of the firm’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 sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Company insiders own 23.14% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company boosted its position in Permian Resources by 1.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 84,718 shares of the company’s stock valued at $796,000 after purchasing an additional 972 shares in the last quarter. Arizona State Retirement System boosted its holdings in Permian Resources by 1.5% in the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock worth $999,000 after acquiring an additional 1,041 shares in the last quarter. Truist Financial Corp boosted its holdings in Permian Resources by 9.4% in the fourth quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after acquiring an additional 1,086 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after acquiring an additional 1,178 shares in the last quarter. Finally, Navellier & Associates Inc. boosted its holdings in Permian Resources by 11.3% in the fourth quarter. Navellier & Associates Inc. now owns 11,688 shares of the company’s stock worth $159,000 after acquiring an additional 1,187 shares in the last quarter. 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.