Permian Resources (NASDAQ:PR) PT Lowered to $19.00 at UBS Group

Permian Resources (NASDAQ:PR) had its price objective reduced by equities research analysts at UBS Group from $21.00 to $19.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s target price points to a potential upside of 30.05% from the company’s previous close.

Several other equities research analysts have also commented on PR. Benchmark reissued a “buy” rating and set a $17.00 price target on shares of Permian Resources in a research note on Wednesday. Piper Sandler boosted their target price on Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. Wells Fargo & Company raised their price target on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research note on Wednesday, July 3rd. Finally, JPMorgan Chase & Co. raised their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Two equities 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.14.

Permian Resources Price Performance

Shares of Permian Resources stock traded up $0.08 during trading on Friday, reaching $14.61. The company’s stock had a trading volume of 8,609,692 shares, compared to its average volume of 10,303,604. The business has a 50 day moving average price of $15.56 and a 200-day moving average price of $15.88. The company has a market capitalization of $11.25 billion, a P/E ratio of 13.28, a price-to-earnings-growth ratio of 0.53 and a beta of 4.37. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. Permian Resources has a 12-month low of $12.10 and a 12-month high of $18.28.

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

Insiders Place Their Bets

In related news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were 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 owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 12.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mutual of America Capital Management LLC grew its stake in Permian Resources by 7.4% during the second quarter. Mutual of America Capital Management LLC now owns 643,521 shares of the company’s stock worth $10,393,000 after buying an additional 44,482 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after acquiring an additional 1,555,884 shares in the last quarter. Quantbot Technologies LP boosted its position in Permian Resources by 54.3% during the 2nd quarter. Quantbot Technologies LP now owns 558,579 shares of the company’s stock worth $9,021,000 after purchasing an additional 196,542 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in Permian Resources by 9.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock valued at $268,213,000 after purchasing an additional 1,471,833 shares in the last quarter. Finally, Inspire Advisors LLC purchased a new position in Permian Resources in the second quarter valued at about $620,000. 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.