Permian Resources (NYSE:PR) Price Target Raised to $21.00 at Piper Sandler

Permian Resources (NYSE:PR) had its price target hoisted by Piper Sandler from $20.00 to $21.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 42.35% from the company’s previous close.

Several other research analysts have also weighed in on PR. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. 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 note on Wednesday, October 16th. Wells Fargo & Company reduced their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Truist Financial lifted their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Finally, Morgan Stanley assumed coverage on Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 target price for the company. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $19.13.

Permian Resources Stock Down 0.9 %

NYSE:PR opened at $14.75 on Wednesday. The firm has a market capitalization of $11.85 billion, a price-to-earnings ratio of 8.94, a price-to-earnings-growth ratio of 4.60 and a beta of 4.32. Permian Resources has a twelve month low of $12.59 and a twelve month high of $18.28. The stock’s 50 day moving average price is $14.96 and its two-hundred day moving average price is $14.58. The company has a quick ratio of 0.68, a current ratio of 0.68 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 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business’s quarterly revenue was up 60.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 EPS. Equities research analysts expect that Permian Resources will post 1.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the sale, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. Hexagon Capital Partners LLC boosted its position in shares of Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares in the last quarter. ORG Wealth Partners LLC bought a new position in Permian Resources in the fourth quarter worth approximately $31,000. UMB Bank n.a. raised its stake in shares of Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after purchasing an additional 1,390 shares during the last quarter. Sunbelt Securities Inc. raised its stake in shares of Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after purchasing an additional 800 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Permian Resources by 399.5% in the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock worth $45,000 after purchasing an additional 2,629 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

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.