Permian Resources (NYSE:PR) Price Target Raised to $21.00 at Piper Sandler

Permian Resources (NYSE:PR) had its target price hoisted by equities researchers at Piper Sandler from $20.00 to $21.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 39.35% from the stock’s previous close.

PR has been the topic of a number of other reports. Susquehanna reduced their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. JPMorgan Chase & Co. cut their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Mizuho dropped their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. UBS Group dropped their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Finally, 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 report on Friday, August 9th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.93.

Permian Resources Trading Up 1.8 %

PR traded up $0.27 during trading on Monday, hitting $15.07. 2,166,685 shares of the company’s stock were exchanged, compared to its average volume of 10,044,515. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28. The stock has a 50 day moving average price of $14.03 and a 200 day moving average price of $14.99. The firm has a market cap of $12.09 billion, a P/E ratio of 9.13, a price-to-earnings-growth ratio of 0.89 and a beta of 4.34.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the firm earned $0.36 earnings per share. Permian Resources’s revenue for the quarter was up 60.3% on a year-over-year basis. As a group, analysts expect that Permian Resources will post 1.47 EPS for the current fiscal year.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction 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 approximately $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 7.28 % decrease in their ownership of the stock. 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 have recently bought and sold shares of the company. Simplicity Wealth LLC lifted its stake in Permian Resources by 5.2% during the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock valued at $212,000 after buying an additional 646 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of Permian Resources by 19.6% in the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after purchasing an additional 716 shares in the last quarter. Mount Yale Investment Advisors LLC lifted its position in shares of Permian Resources by 3.1% in the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after purchasing an additional 781 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Permian Resources by 0.5% in the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock worth $3,379,000 after purchasing an additional 949 shares in the last quarter. Finally, Avior Wealth Management LLC lifted its position in shares of Permian Resources by 0.9% in the third quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock worth $1,560,000 after purchasing an additional 1,007 shares in 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.