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 report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target indicates a potential upside of 39.35% from the stock’s previous close.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. cut their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Wells Fargo & Company lowered their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. The Goldman Sachs Group began coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Mizuho lowered their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Finally, UBS Group lowered their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Trading Up 1.8 %

Shares of Permian Resources stock traded up $0.27 on Monday, reaching $15.07. The company had a trading volume of 2,166,685 shares, compared to its average volume of 10,044,515. The firm’s 50 day moving average price is $14.03 and its two-hundred day moving average price is $14.99. The firm has a market cap of $12.09 billion, a PE ratio of 9.13, a PEG ratio of 0.89 and a beta of 4.34. Permian Resources has a 52-week low of $12.34 and a 52-week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources (NYSE:PR) last announced its 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. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the prior year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. Sell-side analysts predict that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 5.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Innealta Capital LLC acquired a new position in Permian Resources during the second quarter worth about $30,000. Hexagon Capital Partners LLC raised its position in Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after acquiring an additional 1,998 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in Permian Resources during the first quarter worth about $36,000. Gilliland Jeter Wealth Management LLC acquired a new position in Permian Resources during the second quarter worth about $40,000. Finally, UMB Bank n.a. grew its holdings in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares in the last quarter. Institutional investors and hedge funds 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.