UBS Group Raises Permian Resources (NYSE:PR) Price Target to $23.00

Permian Resources (NYSE:PR) had its target price raised by research analysts at UBS Group from $19.00 to $23.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price target indicates a potential upside of 22.15% from the stock’s current price.

PR has been the topic of several other reports. Weiss Ratings restated a “hold (c)” rating on shares of Permian Resources in a report on Monday, December 29th. Benchmark cut Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday. Royal Bank Of Canada boosted their target price on Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday. Wall Street Zen raised Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Finally, Susquehanna reduced their price target on Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.25.

Permian Resources Stock Up 1.6%

Shares of NYSE PR traded up $0.30 during mid-day trading on Thursday, reaching $18.83. The company had a trading volume of 2,934,337 shares, compared to its average volume of 12,033,810. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $15.62 billion, a price-to-earnings ratio of 15.06 and a beta of 0.66. The stock has a fifty day moving average of $15.79 and a two-hundred day moving average of $14.31. Permian Resources has a 12-month low of $10.01 and a 12-month high of $19.38.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period in the previous year, the firm posted $0.36 earnings per share. The firm’s revenue was down 9.8% on a year-over-year basis. As a group, equities research analysts expect that Permian Resources will post 1.45 EPS for the current year.

Insider Activity

In other Permian Resources news, CEO William M. Hickey III sold 467,725 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $6,375,091.75. Following the sale, the chief executive officer owned 1,010,136 shares of the company’s stock, valued at $13,768,153.68. This trade represents a 31.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Robert Regan Shannon sold 106,405 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,300.15. Following the completion of the transaction, the executive vice president directly owned 360,667 shares in the company, valued at approximately $4,915,891.21. This represents a 22.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 2,210,456 shares of company stock worth $30,231,728 over the last 90 days. Company insiders own 6.44% of the company’s stock.

Institutional Trading of Permian Resources

Institutional investors have recently modified their holdings of the company. Farther Finance Advisors LLC raised its stake in shares of Permian Resources by 114.1% in the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after purchasing an additional 1,047 shares in the last quarter. SHP Wealth Management acquired a new stake in Permian Resources during the fourth quarter worth $27,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Permian Resources by 154.4% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after buying an additional 1,391 shares during the period. Parkside Financial Bank & Trust increased its holdings in Permian Resources by 90.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after buying an additional 1,357 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Permian Resources in the 4th quarter valued at $39,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

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.