Permian Resources (NYSE:PR) Price Target Raised to $23.00

Permian Resources (NYSE:PRGet Free Report) had its price target increased by equities research analysts at Truist Financial from $20.00 to $23.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 48.58% from the stock’s current price.

PR has been the topic of a number of other reports. The Goldman Sachs Group started coverage on Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target on the stock. Morgan Stanley initiated coverage on shares of Permian Resources in a report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price on the stock. Piper Sandler cut 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 note on Tuesday, December 17th. Benchmark decreased their price target on shares of 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, Royal Bank of Canada restated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. Two equities research 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $19.06.

Get Our Latest Analysis on PR

Permian Resources Stock Up 0.6 %

Permian Resources stock opened at $15.48 on Monday. Permian Resources has a one year low of $12.59 and a one year high of $18.28. The stock has a fifty day moving average of $14.86 and a 200 day moving average of $14.64. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market cap of $12.44 billion, a PE ratio of 9.38, a price-to-earnings-growth ratio of 0.88 and a beta of 4.32.

Permian Resources (NYSE:PRGet Free Report) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate 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 revenue was up 60.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.36 EPS. As a group, sell-side analysts predict that Permian Resources will post 1.47 EPS for the current year.

Insider Transactions at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors and hedge funds have recently modified their holdings of the stock. Commonwealth Equity Services LLC grew its holdings in Permian Resources by 6.5% during the second quarter. Commonwealth Equity Services LLC now owns 52,770 shares of the company’s stock worth $852,000 after acquiring an additional 3,227 shares during the period. Federated Hermes Inc. boosted its position in Permian Resources by 16.5% in the 2nd quarter. Federated Hermes Inc. now owns 105,338 shares of the company’s stock worth $1,701,000 after purchasing an additional 14,947 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Permian Resources by 9.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock worth $268,213,000 after purchasing an additional 1,471,833 shares during the period. Quantbot Technologies LP increased its holdings in shares of Permian Resources by 54.3% during the 2nd quarter. Quantbot Technologies LP now owns 558,579 shares of the company’s stock valued at $9,021,000 after purchasing an additional 196,542 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its stake 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 period. Institutional investors and hedge funds own 91.84% of the company’s stock.

About Permian Resources

(Get Free Report)

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.

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