Truist Financial Raises Permian Resources (NASDAQ:PR) Price Target to $22.00

Permian Resources (NASDAQ:PR) had its price target upped by research analysts at Truist Financial from $21.00 to $22.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price would indicate a potential upside of 43.42% from the company’s current price.

Several other equities research analysts have also commented on the company. Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 price objective on shares of Permian Resources in a research note on Thursday, July 11th. Wells Fargo & Company increased their price objective on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a report on Wednesday, July 3rd. Benchmark reaffirmed a “buy” rating and set a $17.00 target price on shares of Permian Resources in a report on Tuesday, April 23rd. Finally, Piper Sandler raised their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Two equities research 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 MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $20.50.

Permian Resources Trading Up 1.1 %

Shares of NASDAQ:PR opened at $15.34 on Tuesday. The business’s 50 day moving average price is $15.82 and its 200-day moving average price is $15.83. Permian Resources has a 1 year low of $11.17 and a 1 year high of $18.28. The firm has a market capitalization of $11.81 billion, a price-to-earnings ratio of 13.95, a price-to-earnings-growth ratio of 0.61 and a beta of 4.37. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.06. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. On average, equities research analysts forecast that Permian Resources will post 1.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the completion of the transaction, the director now directly owns 158,665 shares in the company, valued at approximately $2,605,279.30. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 12.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Principal Financial Group Inc. lifted its stake in Permian Resources by 47.4% during the 4th quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock worth $23,466,000 after acquiring an additional 554,694 shares in the last quarter. Mount Lucas Management LP purchased a new position in shares of Permian Resources in the fourth quarter valued at approximately $746,000. DRW Securities LLC acquired a new position in shares of Permian Resources in the fourth quarter valued at approximately $1,904,000. Franklin Resources Inc. increased its stake in Permian Resources by 74.2% during the 4th quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after buying an additional 149,851 shares during the period. Finally, American International Group Inc. lifted its holdings 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 in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.