Permian Resources (NASDAQ:PR) PT Raised to $23.00 at Piper Sandler

Permian Resources (NASDAQ:PR) had its target price raised by analysts at Piper Sandler from $22.00 to $23.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective would indicate a potential upside of 34.03% from the company’s previous close.

PR has been the subject of several other research reports. Bank of America assumed coverage on shares of Permian Resources in a report on Friday, January 5th. They issued a “neutral” rating and a $15.00 target price for the company. Benchmark increased their price target on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Susquehanna increased their price target on shares of Permian Resources from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Friday, April 12th. Finally, JPMorgan Chase & Co. increased their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.08.

Permian Resources Stock Down 0.1 %

Shares of Permian Resources stock traded down $0.02 during trading on Friday, reaching $17.16. 3,030,437 shares of the company traded hands, compared to its average volume of 9,446,326. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. Permian Resources has a 1-year low of $8.94 and a 1-year high of $18.28. The company has a 50 day moving average price of $16.31 and a 200-day moving average price of $14.52. The firm has a market capitalization of $13.25 billion, a PE ratio of 14.84 and a beta of 4.35.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. As a group, equities research analysts expect that Permian Resources will post 1.71 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the transaction, the insider now owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of Permian Resources stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the sale, the insider now owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. 23.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Permian Resources

Several hedge funds have recently bought and sold shares of PR. Vanguard Group Inc. boosted its stake in shares of Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after acquiring an additional 19,847,358 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Permian Resources in the fourth quarter worth about $353,683,000. Post Oak Energy Holdings LLC lifted its position in shares of Permian Resources by 329.5% in the fourth quarter. Post Oak Energy Holdings LLC now owns 21,048,630 shares of the company’s stock worth $286,261,000 after buying an additional 16,147,789 shares in the last quarter. BlackRock Inc. lifted its position in shares of Permian Resources by 10.5% in the second quarter. BlackRock Inc. now owns 17,943,203 shares of the company’s stock worth $196,658,000 after buying an additional 1,708,290 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of Permian Resources by 10.0% in the second quarter. Nuveen Asset Management LLC now owns 17,531,746 shares of the company’s stock worth $192,148,000 after buying an additional 1,592,275 shares in 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.