Permian Resources (NASDAQ:PR) Price Target Cut to $16.00 by Analysts at Susquehanna

Permian Resources (NASDAQ:PR) had its price objective reduced by stock analysts at Susquehanna from $18.00 to $16.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Susquehanna’s price objective would indicate a potential upside of 9.51% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company raised their price objective on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. UBS Group upgraded Permian Resources from a “neutral” rating to a “buy” rating and lifted their price target for the company from $20.00 to $21.00 in a report on Friday, June 14th. BMO Capital Markets raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research report on Wednesday, July 3rd. JPMorgan Chase & Co. raised their price objective on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Finally, Wolfe Research started coverage on Permian Resources in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.14.

Permian Resources Trading Up 0.6 %

Shares of NASDAQ PR traded up $0.08 during mid-day trading on Thursday, hitting $14.61. 8,609,692 shares of the company traded hands, compared to its average volume of 10,303,604. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. Permian Resources has a 1 year low of $12.10 and a 1 year high of $18.28. The stock has a market capitalization of $11.25 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 0.53 and a beta of 4.37. The business has a 50 day moving average of $15.56 and a two-hundred day moving average of $15.88.

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

Insider Buying and Selling at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the sale, the director now directly owns 158,665 shares in the company, valued at $2,605,279.30. The sale 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 Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Global Retirement Partners LLC bought a new position in Permian Resources in the 1st quarter worth $25,000. YHB Investment Advisors Inc. acquired a new stake in shares of Permian Resources in the first quarter valued at about $26,000. Rise Advisors LLC bought a new position in shares of Permian Resources in the first quarter worth about $32,000. Innealta Capital LLC acquired a new position in shares of Permian Resources during the 2nd quarter worth about $30,000. Finally, Transcendent Capital Group LLC bought a new stake in Permian Resources during the 1st quarter valued at approximately $36,000. 91.84% of the stock is 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.