Permian Resources (NASDAQ:PR) PT Raised to $23.00 at Piper Sandler

Permian Resources (NASDAQ:PR) had its target price upped by investment analysts at Piper Sandler from $22.00 to $23.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 34.03% from the company’s previous close.

A number of other brokerages have also recently commented on PR. JPMorgan Chase & Co. increased their target price on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Bank of America started coverage on Permian Resources in a report on Friday, January 5th. They set a “neutral” rating and a $15.00 price objective on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a report on Friday, April 12th. Wells Fargo & Company lifted their target price on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Susquehanna lifted their target price on Permian Resources from $15.00 to $16.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.08.

Permian Resources Stock Performance

Permian Resources stock traded down $0.02 during mid-day trading on Friday, reaching $17.16. 3,030,437 shares of the company were exchanged, compared to its average volume of 9,446,326. Permian Resources has a twelve month low of $8.94 and a twelve month high of $18.28. The firm’s 50-day simple moving average is $16.31 and its two-hundred day simple moving average is $14.52. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a market cap of $13.25 billion, a PE ratio of 14.84 and a beta of 4.35.

Permian Resources (NASDAQ:PR) last issued its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Equities analysts predict that Permian Resources will post 1.71 earnings per share for the current fiscal year.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the sale, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock valued at $516,796,999 in the last three months. 23.14% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Permian Resources

A number of hedge funds have recently bought and sold shares of PR. Rise Advisors LLC acquired a new position in shares of Permian Resources during the first quarter valued at about $32,000. Parallel Advisors LLC raised its position in Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after purchasing an additional 1,178 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in Permian Resources in the fourth quarter worth about $33,000. Quarry LP acquired a new position in Permian Resources in the first quarter worth about $33,000. Finally, GAMMA Investing LLC acquired a new position in Permian Resources in the fourth quarter worth about $43,000. 91.84% of the stock is currently owned by 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.