JPMorgan Chase & Co. Lowers Permian Resources (NASDAQ:PR) Price Target to $17.00

Permian Resources (NASDAQ:PR) had its price objective dropped by analysts at JPMorgan Chase & Co. from $20.00 to $17.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 28.30% from the company’s current price.

A number of other research analysts have also recently weighed in on the company. Piper Sandler lowered their price objective on Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. UBS Group reduced their price objective on shares of Permian Resources from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, August 9th. BMO Capital Markets upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research note on Wednesday, July 3rd. Benchmark reiterated a “buy” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Wednesday, August 7th. Finally, Wolfe Research assumed coverage on Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Two 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’s stock. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of “Moderate Buy” and an average target price of $19.71.

Permian Resources Stock Performance

Shares of PR stock traded up $0.21 on Thursday, reaching $13.25. The stock had a trading volume of 5,465,248 shares, compared to its average volume of 9,888,716. The stock has a market cap of $10.63 billion, a P/E ratio of 12.02, a price-to-earnings-growth ratio of 0.72 and a beta of 4.33. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28. The company has a 50 day simple moving average of $14.88 and a 200 day simple moving average of $15.93.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the prior year, the business earned $0.27 EPS. The business’s quarterly revenue was up 99.9% on a year-over-year basis. Equities research analysts expect that Permian Resources will post 1.63 EPS for the current year.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction 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 sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The stock was 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. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds and other institutional investors have recently modified their holdings of PR. Truist Financial Corp boosted its stake in Permian Resources by 9.4% in the fourth quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock valued at $172,000 after acquiring an additional 1,086 shares in the last quarter. Private Advisor Group LLC purchased a new stake in Permian Resources during the 4th quarter worth approximately $394,000. Charles Schwab Investment Management Inc. increased its stake in Permian Resources by 42.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,685,972 shares of the company’s stock valued at $50,129,000 after purchasing an additional 1,089,575 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Permian Resources by 16.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock worth $145,546,000 after buying an additional 1,544,525 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in shares of Permian Resources by 47.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock valued at $23,466,000 after buying an additional 554,694 shares during the last quarter. 91.84% of the stock is currently owned by 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.