Piper Sandler Has Lowered Expectations for Permian Resources (NYSE:PR) Stock Price

Permian Resources (NYSE:PR) had its price objective reduced by equities research analysts at Piper Sandler from $21.00 to $20.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 47.93% from the company’s previous close.

Several other equities analysts have also commented on the stock. Susquehanna reduced their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Truist Financial raised their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Mizuho dropped their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Benchmark decreased their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Finally, UBS Group lowered their price objective on 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 research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $18.87.

Permian Resources Trading Down 3.2 %

Shares of PR stock opened at $13.52 on Tuesday. The business has a 50-day moving average price of $14.64 and a two-hundred day moving average price of $14.78. Permian Resources has a 12-month low of $12.59 and a 12-month high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market cap of $10.86 billion, a P/E ratio of 8.19, a price-to-earnings-growth ratio of 0.88 and a beta of 4.35.

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

Institutional Trading of Permian Resources

Several large investors have recently bought and sold shares of PR. Nisa Investment Advisors LLC raised its position in shares of Permian Resources by 17.8% in the 2nd quarter. Nisa Investment Advisors LLC now owns 6,833 shares of the company’s stock worth $110,000 after acquiring an additional 1,032 shares in the last quarter. Fifth Third Wealth Advisors LLC purchased a new position in Permian Resources during the second quarter valued at $240,000. 1620 Investment Advisors Inc. bought a new stake in shares of Permian Resources during the 2nd quarter valued at $80,000. Louisiana State Employees Retirement System boosted its holdings in shares of Permian Resources by 11.9% during the 2nd quarter. Louisiana State Employees Retirement System now owns 145,300 shares of the company’s stock valued at $2,347,000 after buying an additional 15,400 shares in the last quarter. Finally, L. Roy Papp & Associates LLP purchased a new stake in shares of Permian Resources in the 2nd quarter worth about $446,000. 91.84% of the stock is owned by institutional investors.

About Permian Resources

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.