Permian Resources (NASDAQ:PR) Price Target Raised to $18.00

Permian Resources (NASDAQ:PR) had its price objective boosted by analysts at Susquehanna from $16.00 to $18.00 in a research report issued on Monday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Susquehanna’s price objective would indicate a potential upside of 4.71% from the stock’s previous close.

Several other research analysts have also weighed in on the stock. Bank of America initiated coverage on shares of Permian Resources in a report on Friday, January 5th. They set a “neutral” rating and a $15.00 price objective on the stock. Truist Financial cut their price objective on shares of Permian Resources from $24.00 to $22.00 and set a “buy” rating on the stock in a report on Friday, April 5th. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Friday, April 12th. Citigroup increased their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Finally, JPMorgan Chase & Co. increased their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and a consensus price target of $19.31.

Permian Resources Price Performance

Permian Resources stock opened at $17.19 on Monday. Permian Resources has a 12-month low of $8.94 and a 12-month high of $18.28. The stock has a market capitalization of $13.27 billion, a P/E ratio of 14.82 and a beta of 4.35. The firm’s 50-day moving average is $16.51 and its two-hundred day moving average is $14.63. 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 (NASDAQ:PR) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) 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 company had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Equities analysts predict that Permian Resources will post 1.72 earnings per share for the current year.

Insider Activity at Permian Resources

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

Institutional Trading of Permian Resources

Hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC acquired a new stake in shares of Permian Resources during the first quarter worth approximately $25,000. Parallel Advisors LLC grew its position in shares of Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after buying an additional 1,178 shares in the last quarter. Rise Advisors LLC acquired a new stake in shares of Permian Resources during the first quarter worth approximately $32,000. DekaBank Deutsche Girozentrale acquired a new stake in shares of Permian Resources during the fourth quarter worth approximately $33,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Permian Resources during the fourth quarter worth approximately $43,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.