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

Permian Resources (NASDAQ:PR) had its price target lowered by Citigroup from $20.00 to $18.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 23.20% from the stock’s previous close.

A number of other equities analysts have also recently commented on the company. Mizuho raised their target price on Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a report on Wednesday, May 8th. Piper Sandler lifted their price objective on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Bank of America reissued a “buy” rating and issued a $20.00 target price on shares of Permian Resources in a report on Friday, June 14th. Wolfe Research assumed coverage on shares of Permian Resources in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Wells Fargo & Company upped their price target on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 17th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Permian Resources has an average rating of “Moderate Buy” and a consensus price target of $20.14.

Permian Resources Stock Performance

PR traded up $0.08 during midday trading on Friday, hitting $14.61. 8,609,692 shares of the company traded hands, compared to its average volume of 10,303,604. The company’s 50-day moving average is $15.56 and its 200 day moving average is $15.88. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $11.25 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 0.53 and a beta of 4.37. Permian Resources has a 52 week low of $12.10 and a 52 week high of $18.28.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 12.45% and a net margin of 15.62%. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period last year, the business posted $0.27 EPS. The company’s revenue for the quarter was up 99.9% on a year-over-year basis. On average, research analysts expect that Permian Resources will post 1.72 EPS for the current year.

Insider Activity

In related news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the sale, the director now directly owns 158,665 shares of the company’s stock, valued at approximately $2,605,279.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently modified their holdings of the stock. Global Retirement Partners LLC bought a new position in Permian Resources during the 1st quarter worth about $25,000. YHB Investment Advisors Inc. bought a new position in shares of Permian Resources during the first quarter valued at approximately $26,000. Rise Advisors LLC purchased a new position in Permian Resources during the first quarter valued at approximately $32,000. Innealta Capital LLC bought a new position in Permian Resources in the second quarter worth approximately $30,000. Finally, Transcendent Capital Group LLC bought a new position in Permian Resources in the first quarter worth approximately $36,000. 91.84% of the stock is owned by hedge funds and other 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.