Truist Financial Issues Positive Forecast for Permian Resources (NYSE:PR) Stock Price

Permian Resources (NYSE:PR) had its price objective lifted by equities researchers at Truist Financial from $20.00 to $23.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s price target suggests a potential upside of 49.54% from the stock’s current price.

A number of other research analysts also recently commented on PR. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. Benchmark dropped their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Piper Sandler dropped their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Morgan Stanley began coverage on shares of Permian Resources in a research report on Friday. They set an “overweight” rating and a $19.00 target price for the company. Finally, UBS Group lowered their price objective on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Two 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 company’s stock. Based on data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $19.06.

Permian Resources Trading Up 1.6 %

Shares of PR traded up $0.24 during trading on Monday, reaching $15.38. 1,405,610 shares of the company traded hands, compared to its average volume of 7,289,899. The stock has a 50-day simple moving average of $14.79 and a 200-day simple moving average of $14.65. 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 has a twelve month low of $12.59 and a twelve month high of $18.28. The stock has a market cap of $12.36 billion, a PE ratio of 9.32, a price-to-earnings-growth ratio of 0.88 and a beta of 4.32.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.36 EPS. On average, analysts anticipate that Permian Resources will post 1.47 earnings per share for the current year.

Insider Buying and Selling at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently modified their holdings of PR. Point72 Asset Management L.P. increased its position in Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after buying an additional 2,023,742 shares in the last quarter. Tributary Capital Management LLC raised its holdings in Permian Resources by 8,360.8% during the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock valued at $699,000 after acquiring an additional 50,750 shares during the period. South Street Advisors LLC bought a new position in shares of Permian Resources in the third quarter worth $7,142,000. Oppenheimer Asset Management Inc. bought a new position in shares of Permian Resources in the third quarter worth $556,000. Finally, King Luther Capital Management Corp grew its position in Permian Resources by 8.3% in the third quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company’s stock worth $71,241,000 after acquiring an additional 402,515 shares in 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.