Piper Sandler Lowers Permian Resources (NYSE:PR) Price Target to $20.00

Permian Resources (NYSE:PR) had its price objective reduced by equities researchers at Piper Sandler from $21.00 to $20.00 in a report issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 43.06% from the stock’s previous close.

PR has been the topic of a number of other reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Monday. 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. Susquehanna dropped their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 4th. The Goldman Sachs Group started coverage on shares of Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 target price on the stock. Finally, UBS Group lowered their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and an average target price of $18.73.

Permian Resources Trading Up 2.9 %

Shares of PR stock opened at $13.98 on Tuesday. Permian Resources has a 52-week low of $12.34 and a 52-week high of $18.28. 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 company has a 50-day simple moving average of $14.07 and a two-hundred day simple moving average of $15.51. The company has a market capitalization of $10.76 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 0.85 and a beta of 4.32.

Permian Resources (NYSE:PR) last issued 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. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the prior year, the firm posted $0.27 EPS. The firm’s quarterly revenue was up 99.9% compared to the same quarter last year. Research analysts anticipate that Permian Resources will post 1.49 EPS for the current fiscal year.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of the 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 transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the firm’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 sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently added to or reduced their stakes in the company. Simplicity Wealth LLC lifted its holdings in shares of Permian Resources by 5.2% in the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock worth $212,000 after buying an additional 646 shares in the last quarter. GAMMA Investing LLC increased its holdings in Permian Resources by 19.6% in the 2nd quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after acquiring an additional 716 shares in the last quarter. Azzad Asset Management Inc. ADV boosted its stake in Permian Resources by 2.0% during the 1st quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock worth $677,000 after purchasing an additional 740 shares during the last quarter. Mount Yale Investment Advisors LLC boosted its stake in Permian Resources by 3.1% during the 1st quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after purchasing an additional 781 shares during the last quarter. Finally, Larson Financial Group LLC boosted its position in shares of Permian Resources by 0.5% during the 2nd quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock valued at $3,379,000 after acquiring an additional 949 shares during the last quarter. Institutional investors 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.