Permian Resources (NYSE:PR) Price Target Cut to $14.00

Permian Resources (NYSE:PR) had its price objective decreased by Benchmark from $17.00 to $14.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Benchmark’s target price suggests a potential upside of 1.38% from the stock’s current price.

Several other brokerages have also weighed in on PR. Susquehanna cut their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Truist Financial dropped their price target on shares of Permian Resources from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Wolfe Research started coverage on Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. UBS Group cut their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Monday. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Permian Resources has an average rating of “Moderate Buy” and a consensus target price of $18.73.

Permian Resources Stock Performance

PR stock traded up $0.23 during midday trading on Wednesday, reaching $13.81. The company had a trading volume of 1,434,790 shares, compared to its average volume of 10,051,911. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average price of $14.07 and a 200 day moving average price of $15.52. The firm has a market capitalization of $10.63 billion, a PE ratio of 12.55, a P/E/G ratio of 0.85 and a beta of 4.32. Permian Resources has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources (NYSE:PR) last posted its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the business posted $0.27 EPS. Permian Resources’s revenue was up 99.9% on a year-over-year basis. Analysts anticipate that Permian Resources will post 1.49 earnings per share for the current year.

Insider Buying and Selling at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Hedge funds have recently bought and sold shares of the company. American International Group Inc. raised its stake in Permian Resources by 10.4% during the 1st quarter. American International Group Inc. now owns 830,432 shares of the company’s stock worth $14,665,000 after buying an additional 78,146 shares during the period. Retirement Systems of Alabama raised its stake in shares of Permian Resources by 22.4% during the 1st quarter. Retirement Systems of Alabama now owns 577,336 shares of the company’s stock worth $10,196,000 after purchasing an additional 105,565 shares in the last quarter. Vanguard Group Inc. grew 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 valued at $657,088,000 after buying an additional 19,847,358 shares in the last quarter. Castleark Management LLC increased its holdings in Permian Resources by 370.0% during the first quarter. Castleark Management LLC now owns 96,160 shares of the company’s stock worth $1,698,000 after buying an additional 75,700 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Permian Resources by 11.2% during the first quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock worth $7,693,000 after acquiring an additional 43,901 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.