Permian Resources (NASDAQ:PR) PT Raised to $20.00

Permian Resources (NASDAQ:PR) had its target price upped by JPMorgan Chase & Co. from $18.00 to $20.00 in a research report issued on Friday, Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 12.80% from the stock’s previous close.

Other analysts have also recently issued reports about the company. Truist Financial lowered their target price on Permian Resources from $24.00 to $22.00 and set a “buy” rating on the stock in a research report on Friday, April 5th. UBS Group reduced their price objective on Permian Resources from $15.00 to $14.00 and set a “neutral” rating for the company in a research note on Thursday, December 14th. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Tuesday, March 5th. Citigroup raised their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, March 1st. Finally, Mizuho raised their target price on Permian Resources from $16.00 to $18.00 and gave the company a “buy” rating in a report on Thursday, March 7th. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.62.

Permian Resources Stock Down 0.4 %

PR opened at $17.73 on Friday. Permian Resources has a one year low of $8.94 and a one year high of $18.28. The company has a market cap of $13.69 billion, a price-to-earnings ratio of 15.28 and a beta of 4.35. The business’s fifty day moving average is $15.96 and its two-hundred day moving average is $14.43. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Analysts anticipate that Permian Resources will post 1.69 EPS for the current fiscal year.

Insider Activity at Permian Resources

In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the sale, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Brent P. Jensen sold 1,853 shares of the company’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock valued at $516,796,999 over the last three months. 23.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

Institutional investors and hedge funds have recently made changes to their positions in the business. EnCap Energy Capital Fund XI L.P. purchased a new position in Permian Resources during the 4th quarter valued at about $353,683,000. Vanguard Group Inc. lifted its holdings in shares of Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after buying an additional 19,847,358 shares in the last quarter. Post Oak Energy Holdings LLC lifted its holdings in shares of Permian Resources by 329.5% in the fourth quarter. Post Oak Energy Holdings LLC now owns 21,048,630 shares of the company’s stock worth $286,261,000 after buying an additional 16,147,789 shares in the last quarter. State Street Corp purchased a new position in shares of Permian Resources in the third quarter worth $100,979,000. Finally, OnyxPoint Global Management LP purchased a new stake in Permian Resources during the fourth quarter valued at $114,159,000. Institutional investors own 91.84% of the company’s stock.

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.