Permian Resources (NYSE:PR) Price Target Cut to $20.00 by Analysts at Piper Sandler

Permian Resources (NYSE:PR) had its price target lowered by Piper Sandler from $21.00 to $20.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 46.15% from the company’s previous close.

Several other analysts also recently issued reports on the stock. UBS Group increased their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. The Goldman Sachs Group upped their target price on shares of Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Friday. Raymond James Financial lowered their price target on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a report on Tuesday, September 2nd. Weiss Ratings lowered shares of Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Finally, Royal Bank Of Canada upped their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Thursday, October 9th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $18.80.

Permian Resources Stock Up 0.0%

NYSE:PR traded up $0.01 during mid-day trading on Tuesday, hitting $13.69. The company had a trading volume of 2,379,208 shares, compared to its average volume of 10,706,548. The business has a fifty day simple moving average of $12.96 and a 200-day simple moving average of $13.40. The firm has a market capitalization of $11.35 billion, a price-to-earnings ratio of 12.54 and a beta of 1.31. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.33. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.22). The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.Permian Resources’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the company earned $0.53 EPS. Equities analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the transaction, the executive vice president directly owned 91,805 shares in the company, valued at approximately $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares of the company’s stock, valued at $1,528,555.49. This trade represents a 4.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PR. Farther Finance Advisors LLC grew its position in shares of Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after buying an additional 1,047 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Permian Resources by 154.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after acquiring an additional 1,391 shares during the period. Keystone Global Partners LLC bought a new position in shares of Permian Resources during the first quarter valued at approximately $36,000. FNY Investment Advisers LLC bought a new position in shares of Permian Resources during the second quarter valued at approximately $36,000. Finally, Parkside Financial Bank & Trust raised its position in shares of Permian Resources by 90.8% during the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after purchasing an additional 1,357 shares during the period. 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.