Street Calls of the Week
Permian Resources Corp (NYSE:PR), an $11.5 billion market cap energy company with a "GREAT" InvestingPro financial health rating, announced the registration of shares of its Class A Common Stock that may be issued upon the exchange of its 3.25% exchangeable senior notes due 2028. According to a filing with the Securities and Exchange Commission, the company’s subsidiary, Permian Resources Operating, LLC, originally issued the notes on March 19, 2021.
The shares that may be issued from time to time upon exchange of these notes have been registered under the company’s registration statement on Form S-3, filed with the SEC on May 24, 2024. The registration is supported by a base prospectus dated May 24, 2024, and a prospectus supplement filed on Friday.
The legal opinion of Latham & Watkins LLP regarding the issuance of these shares upon exchange of the notes is included as an exhibit to the current report.
Permian Resources’ Class A Common Stock is listed on the New York Stock Exchange under the symbol PR. This information is based on a press release statement included in the company’s SEC filing.
In other recent news, Permian Resources Corp reported its second-quarter 2025 earnings, which showed a slight miss on both earnings per share and revenue compared to analyst forecasts. The company posted an EPS of $0.27, falling short of the expected $0.29, and reported revenue of $1.2 billion against the anticipated $1.23 billion. Despite the miss, UBS reiterated its Buy rating and $16.00 price target, noting that the company delivered better-than-expected results in production and EBITDAX, with improved capital efficiency and favorable tax conditions boosting near-term free cash flow. Wells Fargo raised its price target for Permian Resources to $21.00, highlighting the company’s performance meeting high expectations and maintaining an Overweight rating. Raymond James, however, lowered its price target to $22.00 due to a weaker commodity price environment, though it maintained a Strong Buy rating. William Blair initiated coverage with an Outperform rating, emphasizing the company’s attractive assets and efficient operations. These developments reflect varied analyst perspectives on Permian Resources’ recent performance and future potential.
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