The Goldman Sachs Group Initiates Coverage on Permian Resources (NYSE:PR)

Equities researchers at The Goldman Sachs Group initiated coverage on shares of Permian Resources (NYSE:PR) in a research note issued on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $19.00 price target on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 37.58% from the stock’s current price.

Several other research analysts also recently issued reports on PR. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 target price on shares of Permian Resources in a research note on Monday, August 12th. BMO Capital Markets upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research note on Wednesday, July 3rd. Citigroup dropped their target price on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Finally, Truist Financial upped their target price on shares of Permian Resources from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. 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’s stock. According to MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and an average price target of $19.20.

Permian Resources Trading Up 1.5 %

NYSE:PR opened at $13.81 on Monday. Permian Resources has a one year low of $12.34 and a one year high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The company’s 50-day simple moving average is $14.16 and its 200 day simple moving average is $15.72. The firm has a market capitalization of $11.08 billion, a P/E ratio of 12.55, a PEG ratio of 0.78 and a beta of 4.33.

Permian Resources (NYSE:PR) last issued its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business’s revenue was up 99.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.27 earnings per share. As a group, analysts forecast that Permian Resources will post 1.53 EPS for the current fiscal year.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

A number of hedge funds and other institutional investors have recently modified their holdings of PR. Vanguard Group Inc. increased its stake in shares of Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after purchasing an additional 19,847,358 shares in the last quarter. OnyxPoint Global Management LP bought a new position in shares of Permian Resources during the fourth quarter worth $114,159,000. Price T Rowe Associates Inc. MD boosted its position in shares of 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 acquiring an additional 5,012,287 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of 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 acquiring an additional 4,497,184 shares during the last quarter. Finally, Merewether Investment Management LP boosted its position in shares of 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 acquiring an additional 3,522,300 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.