Permian Resources (NYSE:PR) Price Target Raised to $22.00

Permian Resources (NYSE:PR) had its price objective hoisted by equities research analysts at The Goldman Sachs Group from $17.00 to $22.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. The Goldman Sachs Group’s target price points to a potential upside of 14.33% from the stock’s current price.

PR has been the topic of a number of other research reports. Morgan Stanley cut their price target on Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Wall Street Zen upgraded Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. TD Cowen upgraded Permian Resources to a “strong-buy” rating in a research report on Monday, February 9th. Royal Bank Of Canada raised their price target on Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, March 2nd. Finally, Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

Permian Resources Stock Performance

Shares of NYSE:PR traded up $0.52 on Wednesday, reaching $19.24. 6,398,541 shares of the company’s stock were exchanged, compared to its average volume of 12,410,455. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $19.43. The business’s 50-day moving average is $16.19 and its two-hundred day moving average is $14.47. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $15.96 billion, a price-to-earnings ratio of 15.38 and a beta of 0.66.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share 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 business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the firm earned $0.36 EPS. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, equities research analysts forecast that Permian Resources will post 1.45 EPS for the current year.

Insider Activity

In other news, EVP Guy M. Oliphint sold 172,904 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $2,356,681.52. Following the transaction, the executive vice president directly owned 616,683 shares of the company’s stock, valued at $8,405,389.29. This trade represents a 21.90% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert Regan Shannon sold 106,405 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the sale, the executive vice president owned 360,667 shares in the company, valued at $4,915,891.21. This represents a 22.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 3,965,093 shares of company stock valued at $62,487,101 over the last quarter. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Farther Finance Advisors LLC lifted its holdings 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 bought a new position in shares of Permian Resources during the 4th quarter valued at $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of 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 purchasing an additional 1,391 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after purchasing an additional 1,357 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in Permian Resources in the fourth quarter worth $39,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.