Permian Resources (NYSE:PR) Price Target Raised to $21.00

Permian Resources (NYSE:PR) had its price target lifted by research analysts at Mizuho from $19.00 to $21.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “outperform” rating on the stock. Mizuho’s target price would indicate a potential upside of 43.34% from the stock’s current price.

Several other brokerages also recently issued reports on PR. Weiss Ratings reissued a “hold (c)” rating on shares of Permian Resources in a report on Monday. UBS Group boosted their price target on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Raymond James Financial dropped their price objective on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a report on Tuesday, September 2nd. Piper Sandler cut their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. Finally, Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Trading Down 2.4%

Permian Resources stock opened at $14.65 on Friday. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.03. The firm’s 50-day moving average is $13.32 and its 200-day moving average is $13.58. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. The company has a market cap of $12.15 billion, a P/E ratio of 13.44 and a beta of 0.70.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter last year, the company earned $0.53 EPS. Permian Resources’s revenue was up 8.7% compared to the same quarter last year. On average, equities analysts expect that Permian Resources will post 1.45 earnings per share for the current year.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently added to or reduced their stakes in PR. Farther Finance Advisors LLC increased its position in shares of Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after purchasing an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after buying an additional 1,391 shares in the last quarter. Keystone Global Partners LLC acquired a new position in Permian Resources during the first quarter worth about $36,000. FNY Investment Advisers LLC acquired a new position in Permian Resources during the second quarter worth about $36,000. Finally, Parkside Financial Bank & Trust raised its position in Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after acquiring an additional 1,357 shares in the last quarter. 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.