Permian Resources (NYSE:PR) Price Target Lowered to $24.00 at Citigroup

Permian Resources (NYSE:PR) had its price target lowered by Citigroup from $26.00 to $24.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 24.25% from the stock’s current price.

PR has been the subject of a number of other research reports. Roth Capital set a $23.00 price objective on Permian Resources and gave the company a “buy” rating in a research note on Monday, June 22nd. Scotiabank lifted their target price on shares of Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 22nd. Weiss Ratings lowered shares of Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, May 12th. Mizuho increased their price target on shares of Permian Resources from $26.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, TD Cowen increased their price target on shares of Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 17th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $23.24.

Permian Resources Trading Down 1.4%

NYSE PR traded down $0.27 during trading on Wednesday, hitting $19.32. 2,225,566 shares of the company’s stock traded hands, compared to its average volume of 12,265,756. The stock has a fifty day moving average of $19.47 and a two-hundred day moving average of $18.44. Permian Resources has a 12-month low of $11.92 and a 12-month high of $22.67. The firm has a market cap of $16.17 billion, a P/E ratio of 22.44 and a beta of 0.46. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.Permian Resources’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the company earned $0.44 EPS. As a group, sell-side analysts expect that Permian Resources will post 1.92 EPS for the current year.

Insider Activity at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president owned 542,503 shares in the company, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Permian Resources

Several institutional investors have recently bought and sold shares of PR. Bank of New York Mellon Corp raised its position in Permian Resources by 115.5% in the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after buying an additional 13,483,136 shares during the last quarter. Boston Partners raised its holdings in shares of Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after purchasing an additional 7,503,654 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Permian Resources by 210.6% during the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after purchasing an additional 6,678,814 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Permian Resources during the first quarter valued at approximately $121,041,000. Finally, Dimensional Fund Advisors LP lifted its position in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after purchasing an additional 4,533,732 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.