Truist Financial Cuts Permian Resources (NYSE:PR) Price Target to $22.00

Permian Resources (NYSE:PR) had its target price decreased by analysts at Truist Financial from $25.00 to $22.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 12.91% from the company’s previous close.

PR has been the subject of several other research reports. Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a report on Monday, May 25th. Morgan Stanley reduced their price target on shares of Permian Resources from $25.00 to $24.00 and set an “overweight” rating for the company in a research report on Monday, June 29th. Evercore began coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price objective for the company. Roth Capital set a $23.00 price objective on Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Finally, Scotiabank lifted their target price on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Four research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $23.35.

Permian Resources Stock Up 1.7%

Shares of NYSE:PR traded up $0.34 on Monday, hitting $19.48. 2,235,948 shares of the company’s stock were exchanged, compared to its average volume of 12,296,680. The firm’s 50-day moving average is $19.56 and its 200 day moving average is $18.36. The company has a market capitalization of $16.31 billion, a PE ratio of 22.65 and a beta of 0.46. Permian Resources has a 1-year low of $11.92 and a 1-year high of $22.67. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm’s quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.44 earnings per share. Sell-side analysts predict that Permian Resources will post 1.95 EPS for the current year.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the company’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the sale, the executive vice president directly owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This represents a 10.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC raised its stake in shares of Permian Resources by 17.7% during the second quarter. GAMMA Investing LLC now owns 19,742 shares of the company’s stock worth $363,000 after purchasing an additional 2,972 shares during the last quarter. CoreCap Advisors LLC grew its position in Permian Resources by 22.1% in the 2nd quarter. CoreCap Advisors LLC now owns 19,367 shares of the company’s stock valued at $357,000 after buying an additional 3,508 shares during the last quarter. Parallel Advisors LLC increased its stake in Permian Resources by 10.1% in the 1st quarter. Parallel Advisors LLC now owns 12,153 shares of the company’s stock valued at $259,000 after buying an additional 1,110 shares during the period. Essential Partners LLC increased its stake in Permian Resources by 4,400.0% in the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after buying an additional 3,168 shares during the period. Finally, Bank of America Corp DE raised its position in Permian Resources by 19.4% during the 1st quarter. Bank of America Corp DE now owns 2,971,238 shares of the company’s stock worth $63,347,000 after buying an additional 481,917 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.