Permian Resources (NASDAQ:PR) Price Target Lowered to $18.00 at Citigroup

Permian Resources (NASDAQ:PR) had its price objective reduced by Citigroup from $20.00 to $18.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 23.20% from the stock’s current price.

PR has been the topic of a number of other reports. Wells Fargo & Company increased their target price on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. JPMorgan Chase & Co. raised their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Benchmark restated a “buy” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Wednesday. Mizuho increased their price target on Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Finally, Bank of America reissued a “buy” rating and issued a $20.00 price target on shares of Permian Resources in a report on Friday, June 14th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $20.14.

Permian Resources Stock Up 0.6 %

PR traded up $0.08 on Friday, reaching $14.61. The company’s stock had a trading volume of 8,609,633 shares, compared to its average volume of 10,303,604. Permian Resources has a 1 year low of $12.10 and a 1 year high of $18.28. The business’s 50 day moving average is $15.59 and its 200 day moving average is $15.85. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. The stock has a market cap of $11.25 billion, a price-to-earnings ratio of 13.28, a price-to-earnings-growth ratio of 0.53 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 12.45%. The firm’s quarterly revenue was up 99.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.27 earnings per share. As a group, research analysts forecast that Permian Resources will post 1.72 EPS for the current fiscal year.

Insider Transactions at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the transaction, the director now owns 158,665 shares in the company, valued at approximately $2,605,279.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in Permian Resources by 11.2% during the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after purchasing an additional 5,432,654 shares in the last quarter. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Permian Resources in the fourth quarter worth $353,683,000. Massachusetts Financial Services Co. MA increased its stake in shares of Permian Resources by 9.7% in the second quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock worth $268,213,000 after acquiring an additional 1,471,833 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after acquiring an additional 4,497,184 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in Permian Resources by 16.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock valued at $145,546,000 after purchasing an additional 1,544,525 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.