Permian Resources (NYSE:PR) Given New $21.00 Price Target at Piper Sandler

Permian Resources (NYSE:PR) had its target price hoisted by Piper Sandler from $20.00 to $21.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s price objective suggests a potential upside of 42.35% from the stock’s current price.

PR has been the subject of a number of other reports. Morgan Stanley started coverage on Permian Resources in a report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price target for the company. Truist Financial raised their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Wells Fargo & Company cut their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a report on Monday, October 14th. Finally, Benchmark dropped their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

Permian Resources Price Performance

Shares of NYSE PR opened at $14.75 on Wednesday. The stock has a fifty day simple moving average of $14.96 and a two-hundred day simple moving average of $14.58. Permian Resources has a 1-year low of $12.59 and a 1-year high of $18.28. The firm has a market cap of $11.85 billion, a price-to-earnings ratio of 8.94, a price-to-earnings-growth ratio of 4.60 and a beta of 4.32. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period in the prior year, the company earned $0.36 earnings per share. Permian Resources’s revenue was up 60.3% compared to the same quarter last year. Analysts anticipate that Permian Resources will post 1.44 earnings per share for the current year.

Insider Activity at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 12.80% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

A number of hedge funds have recently made changes to their positions in the stock. Wright Investors Service Inc. purchased a new position in Permian Resources in the 4th quarter worth approximately $498,000. Point72 Asset Management L.P. raised its holdings in Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after acquiring an additional 2,023,742 shares during the last quarter. Tributary Capital Management LLC raised its holdings in Permian Resources by 8,360.8% in the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock worth $699,000 after acquiring an additional 50,750 shares during the last quarter. South Street Advisors LLC purchased a new position in Permian Resources in the 3rd quarter worth approximately $7,142,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in Permian Resources in the 3rd quarter worth approximately $556,000. 91.84% of the stock is owned by 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.