Piper Sandler Issues Pessimistic Forecast for Permian Resources (NYSE:PR) Stock Price

Permian Resources (NYSE:PR) had its target price dropped by analysts at Piper Sandler from $21.00 to $20.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 57.79% from the stock’s current price.

Other research analysts have also recently issued research reports about the stock. Citigroup dropped their price objective on shares of Permian Resources from $18.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday. Morgan Stanley assumed coverage on shares of Permian Resources in a report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective for the company. Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and lifted their price objective for the company from $17.00 to $20.00 in a report on Wednesday. Finally, Truist Financial lifted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. One investment analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $19.31.

Permian Resources Trading Up 1.9 %

Shares of PR stock opened at $12.68 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market capitalization of $10.18 billion, a P/E ratio of 7.68, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. The company has a 50 day moving average price of $14.60 and a 200 day moving average price of $14.40. Permian Resources has a fifty-two week low of $11.84 and a fifty-two week high of $18.28.

Insider Buying and Selling

In related news, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William J. Quinn purchased 500,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 18,446 shares of company stock worth $269,731 in the last quarter. 12.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Principal Securities Inc. grew its stake in shares of Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after purchasing an additional 852 shares during the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Permian Resources in the 4th quarter valued at approximately $31,000. Global Retirement Partners LLC grew its stake in shares of Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after purchasing an additional 1,232 shares during the last quarter. Rakuten Securities Inc. grew its stake in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after purchasing an additional 2,305 shares during the last quarter. Finally, RE Dickinson Investment Advisors LLC purchased a new position in shares of Permian Resources in the 4th quarter valued at approximately $41,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Company Profile

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.