Permian Resources (NYSE:PR – Get Free Report) had its target price lifted by equities researchers at Piper Sandler from $20.00 to $21.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 39.67% from the company’s previous close.
Several other brokerages also recently weighed in on PR. Truist Financial raised their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Benchmark dropped their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Monday, October 14th. Morgan Stanley started coverage on shares of Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective on the stock. Finally, Wells Fargo & Company reduced their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.13.
Get Our Latest Analysis on Permian Resources
Permian Resources Stock Performance
Permian Resources (NYSE:PR – Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period last year, the business earned $0.36 EPS. The company’s revenue was up 60.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Permian Resources will post 1.44 EPS for the current fiscal year.
Insider Activity
In related news, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 12.80% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently made changes to their positions in PR. Louisiana State Employees Retirement System boosted its holdings in Permian Resources by 0.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock worth $2,540,000 after buying an additional 700 shares during the last quarter. Sunbelt Securities Inc. boosted its stake in shares of Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after acquiring an additional 800 shares during the last quarter. Principal Securities Inc. boosted its stake in shares of Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares during the last quarter. Blue Trust Inc. increased its position in shares of Permian Resources by 28.6% during the fourth quarter. Blue Trust Inc. now owns 4,226 shares of the company’s stock worth $58,000 after purchasing an additional 939 shares in the last quarter. Finally, MADDEN SECURITIES Corp lifted its holdings in Permian Resources by 1.5% in the 4th quarter. MADDEN SECURITIES Corp now owns 68,975 shares of the company’s stock valued at $992,000 after purchasing an additional 1,000 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.
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.
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