Permian Resources (NYSE:PR) Given New $18.00 Price Target at Truist Financial

Permian Resources (NYSE:PR) had its target price reduced by investment analysts at Truist Financial from $22.00 to $18.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 32.16% from the stock’s current price.

A number of other research analysts also recently weighed in on the stock. Benchmark reissued a “buy” rating and set a $17.00 target price on shares of Permian Resources in a research report on Wednesday, August 7th. Mizuho dropped their price target on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Royal Bank of Canada restated an “outperform” rating and set a $20.00 price target on shares of Permian Resources in a research note on Monday, August 12th. BMO Capital Markets upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research note on Wednesday, July 3rd. Finally, Piper Sandler lowered their target price on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.20.

Permian Resources Stock Up 0.8 %

Permian Resources stock traded up $0.11 during mid-day trading on Monday, reaching $13.62. The stock had a trading volume of 1,942,030 shares, compared to its average volume of 10,036,928. Permian Resources has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The stock’s 50-day simple moving average is $14.24 and its 200-day simple moving average is $15.76. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. The firm has a market capitalization of $10.49 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.81 and a beta of 4.33.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business’s revenue for the quarter was up 99.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.27 EPS. On average, sell-side analysts forecast that Permian Resources will post 1.53 EPS for the current fiscal year.

Insider Activity at Permian Resources

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

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its position in shares of 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 buying an additional 5,432,654 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Permian Resources by 9.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock valued at $268,213,000 after buying an additional 1,471,833 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Permian Resources by 59.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after purchasing an additional 4,497,184 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after purchasing an additional 1,555,884 shares during the last quarter. Finally, OnyxPoint Global Management LP purchased a new position in shares of Permian Resources in the 4th quarter valued at approximately $114,159,000. 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.