Analysts Set Permian Resources Corporation (NYSE:PR) Price Target at $18.73

Shares of Permian Resources Corporation (NYSE:PR) have received an average recommendation of “Moderate Buy” from the seventeen research firms that are presently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, thirteen have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $18.7333.

Several equities analysts recently weighed in on PR shares. Morgan Stanley raised their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Scotiabank initiated coverage on Permian Resources in a report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price objective for the company. Royal Bank Of Canada boosted their price objective on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Thursday, October 9th. Wall Street Zen lowered Permian Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, UBS Group boosted their price objective on Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, August 20th.

Insider Activity

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the sale, the executive vice president owned 91,805 shares of the company’s stock, valued at approximately $1,305,467.10. This trade represents a 4.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 6.44% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. UMB Bank n.a. increased its stake in Permian Resources by 12.6% in the 2nd quarter. UMB Bank n.a. now owns 6,953 shares of the company’s stock valued at $95,000 after buying an additional 778 shares during the last quarter. Chilton Capital Management LLC increased its stake in Permian Resources by 3.5% in the 3rd quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock valued at $303,000 after buying an additional 800 shares during the last quarter. SCS Capital Management LLC grew its position in shares of Permian Resources by 0.6% during the 2nd quarter. SCS Capital Management LLC now owns 141,205 shares of the company’s stock valued at $1,923,000 after acquiring an additional 870 shares during the period. Hexagon Capital Partners LLC grew its position in shares of Permian Resources by 30.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company’s stock valued at $54,000 after acquiring an additional 921 shares during the period. Finally, Inscription Capital LLC grew its position in shares of Permian Resources by 3.5% during the 3rd quarter. Inscription Capital LLC now owns 28,219 shares of the company’s stock valued at $361,000 after acquiring an additional 948 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of NYSE PR opened at $12.10 on Thursday. The firm’s 50-day moving average price is $13.09 and its 200-day moving average price is $13.32. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.33. The firm has a market capitalization of $9.69 billion, a P/E ratio of 7.86 and a beta of 1.31. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.07. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the business earned $0.53 earnings per share. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. Equities research analysts anticipate that Permian Resources will post 1.45 earnings per share for the current fiscal year.

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.