Permian Resources (NYSE:PR) Price Target Raised to $30.00

Permian Resources (NYSE:PR) had its price objective raised by stock analysts at Susquehanna from $25.00 to $30.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “positive” rating on the stock. Susquehanna’s target price points to a potential upside of 20.80% from the stock’s current price.

Several other equities research analysts have also recently weighed in on the stock. KeyCorp increased their target price on shares of Permian Resources from $25.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, September 15th. Wall Street Zen upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Wells Fargo & Company boosted their price target on Permian Resources from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, October 14th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $27.00 price target on shares of Permian Resources in a report on Thursday, September 24th. Finally, Truist Financial upped their price target on Permian Resources from $24.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 12th. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two 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 $26.39.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $24.84 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. Permian Resources has a fifty-two week low of $12.06 and a fifty-two week high of $24.92. The firm has a fifty day moving average price of $22.86 and a two-hundred day moving average price of $21.01. The company has a market cap of $20.80 billion, a PE ratio of 16.45 and a beta of 0.66.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the business posted $0.28 EPS. The business’s quarterly revenue was up 55.1% on a year-over-year basis. Analysts expect that Permian Resources will post 2.37 EPS for the current year.

Insider Activity

In other news, EVP John Bell sold 5,492 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the transaction, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the transaction, the executive vice president directly owned 1,346,698 shares of the company’s stock, valued at $31,984,077.50. The trade was a 0.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 15,699 shares of company stock worth $372,851. 5.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Freedom Day Solutions LLC grew its stake in shares of Permian Resources by 5.5% in the 3rd quarter. Freedom Day Solutions LLC now owns 94,625 shares of the company’s stock valued at $1,998,000 after purchasing an additional 4,919 shares during the period. Frank Rimerman Advisors LLC raised its holdings in shares of Permian Resources by 8.6% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 18,484 shares of the company’s stock worth $390,000 after buying an additional 1,471 shares in the last quarter. Encompass More Asset Management bought a new position in shares of Permian Resources during the 3rd quarter worth approximately $573,000. USA Financial Formulas bought a new position in shares of Permian Resources during the 3rd quarter worth approximately $133,000. Finally, Vontobel Holding Ltd. acquired a new stake in Permian Resources in the 3rd quarter valued at $262,000. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.