Morgan Stanley Reiterates Buy Rating for Permian Resources
Morgan Stanley maintains a buy rating for Permian Resources, setting a price target of $24, a 30.36% upside from the current price.
Key Points
- Morgan Stanley reiterated its buy rating on Permian Resources (NYSE:PR) with a $24 price target on June 29, 2026.
- Morgan Stanley's $24 price target implies 30.36% upside from Permian Resources Corporation's ($PR) current $18.41 share price.
- Shares of Permian Resources traded at $18.72 on Monday, with a market cap of $15.67 billion and a P/E ratio of 21.03.
- Insiders were active, with notable buys and sells in recent months, while analysts maintain a strong buy consensus.
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Morgan Stanley analyst Devin McDermott reiterated a buy rating on Permian Resources Corporation (NYSE:PR) on June 29, 2026. The firm set a price target of $24 for the oil and gas company. Shares of Permian Resources traded at $18.72 on Monday, highlighting investor interest in the company's prospects.
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Other Institutional Activity in Permian Resources
Institutional investors have been active in Permian Resources. BlackRock, Inc. grew its holdings by 4,613,030 shares, ending with 71,060,710 shares valued at about $1.52 billion. Vanguard Portfolio Management LLC opened a new position with 39,726,134 shares worth approximately $846.96 million. Barrow Hanley Mewhinney & Strauss LLC increased its stake by 3,662,617 shares, holding 34,573,010 shares valued at $737.1 million. Price T Rowe Associates Inc /MD/ also expanded its position by 4,071,018 shares, totaling 33,218,081 shares worth $708.21 million. Meanwhile, Dimensional Fund Advisors LP slightly reduced its position by 317,100 shares, maintaining 31,318,472 shares valued at $667.72 million.
Permian Resources Corporation Stock Down 18.9%
On Monday, shares of Permian Resources traded near $18.72. The company has a market cap of $15.67 billion and a P/E ratio of 21.03. Its forward P/E is 8.82, and the stock has a beta of 0.443, indicating lower volatility compared to the market. The 52-week range for the stock is between $11.92 and $22.68, with a 50-day moving average of $20.04 and a 200-day moving average of $16.62.
$PR price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
Permian Resources reported $5.08 billion in revenue, reflecting a modest 0.9% growth. The company's net margin stands at 12.8%, with a return on equity of 6.9%. The next earnings release is expected on August 5, 2026.
Dividend
Permian Resources offers an annual dividend rate of $0.62, yielding 3.31%. The dividend payout ratio is 68.54%, suggesting a balanced approach to returning profits to shareholders.
Insider Buying and Selling at Permian Resources Corporation
Recent insider activity includes sales by Robert Tichio, who sold 5,500 shares on June 18, 2026. On May 21, 2026, Guy Oliphint, EVP and CFO, sold 62,769 shares at an average price of $20.44. On May 19, 2026, several insiders, including Aron Marquez, Steven Gray, and Maire Baldwin, bought shares, highlighting varied insider sentiment.
Analysts Set New Price Targets
On June 29, 2026, Morgan Stanley maintained its buy rating with a $24 price target. Evercore ISI Group initiated coverage with a buy rating and a $25 target on June 23, 2026. Roth Capital upgraded the stock to a buy with a $23 target on June 22, 2026. The consensus among 19 analysts is a strong buy, with a mean target price of $25.63.
About Permian Resources
Permian Resources Corporation, headquartered in Midland, Texas, is an independent oil and natural gas company. It focuses on developing crude oil and natural gas reserves, primarily in the Delaware Basin, part of the larger Permian Basin. The company was founded in 2015 and employs 515 people under the leadership of CEO William M. Hickey III.
Bottom Line
Morgan Stanley's reiterated buy rating and $24 price target suggest continued confidence in Permian Resources' growth potential. Investors watch these ratings closely, as they reflect analysts' views on the company's prospects. As always, 13F filings and analyst ratings are backward-looking and may not represent current positions or future performance.
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