Truist Financial Boosts Permian Resources (NYSE:PR) Price Target to $20.00

Permian Resources (NYSE:PR) had its price objective upped by analysts at Truist Financial from $18.00 to $20.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s price objective would indicate a potential upside of 34.05% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. The Goldman Sachs Group initiated coverage on Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 price target on the stock. Citigroup lowered 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. Susquehanna reduced their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Mizuho lowered their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Finally, Benchmark reduced their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average price target of $18.87.

Permian Resources Stock Down 0.3 %

PR stock opened at $14.92 on Friday. Permian Resources has a 1-year low of $12.34 and a 1-year high of $18.28. The stock has a market cap of $11.97 billion, a P/E ratio of 9.04, a P/E/G ratio of 0.90 and a beta of 4.34. The stock’s fifty day simple moving average is $13.89 and its two-hundred day simple moving average is $15.08. The company has a current ratio of 0.68, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources’s revenue was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.36 EPS. Analysts expect that Permian Resources will post 1.46 EPS for the current year.

Insider Activity at Permian Resources

In other news, 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 transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction 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 transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Simplicity Wealth LLC boosted its holdings in shares of Permian Resources by 5.2% in the 2nd quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock worth $212,000 after purchasing an additional 646 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Permian Resources by 19.6% in the 2nd quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after acquiring an additional 716 shares during the last quarter. Mount Yale Investment Advisors LLC boosted its position in shares of Permian Resources by 3.1% during the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock valued at $454,000 after buying an additional 781 shares during the period. Larson Financial Group LLC lifted its stake in shares of Permian Resources by 0.5% during the 2nd quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock worth $3,379,000 after acquiring an additional 949 shares during the last quarter. Finally, Chilton Capital Management LLC boosted its stake in shares of Permian Resources by 4.6% during the first quarter. Chilton Capital Management LLC now owns 22,868 shares of the company’s stock valued at $404,000 after purchasing an additional 1,000 shares during the period. 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.