JPMorgan Chase & Co. Trims Permian Resources (NASDAQ:PR) Target Price to $17.00

Permian Resources (NASDAQ:PR - Get Free Report) had its target price lowered by JPMorgan Chase & Co. from $20.00 to $17.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 29.18% from the stock's current price.

Several other equities research analysts have also recently weighed in on the stock. Bank of America reaffirmed a "buy" rating and issued a $20.00 price target on shares of Permian Resources in a research report on Friday, June 14th. Citigroup decreased their target price on shares of Permian Resources from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Friday, August 9th. Piper Sandler decreased their target price on shares of Permian Resources from $23.00 to $21.00 and set an "overweight" rating for the company in a research report on Thursday, August 15th. UBS Group decreased their target price on shares of Permian Resources from $21.00 to $19.00 and set a "buy" rating for the company in a research report on Friday, August 9th. Finally, Susquehanna decreased their target price on shares of Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a research report on Wednesday, September 4th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $19.71.

Permian Resources Trading Up 0.9 %

Permian Resources stock traded up $0.12 during trading hours on Thursday, hitting $13.16. The company had a trading volume of 13,850,113 shares, compared to its average volume of 9,936,816. The firm has a market cap of $10.56 billion, a P/E ratio of 11.96, a P/E/G ratio of 0.72 and a beta of 4.33. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28. The company has a 50-day moving average price of $14.80 and a two-hundred day moving average price of $15.91.

Permian Resources (NASDAQ:PR - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company had revenue of $1.25 billion during the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the previous year, the company earned $0.27 EPS. The firm's quarterly revenue was up 99.9% on a year-over-year basis. On average, sell-side analysts anticipate that Permian Resources will post 1.63 earnings per share for the current year.

Insider Transactions at Permian Resources

In other news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company's stock, valued at $1,075,911.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. The disclosure for this sale can be found here. Company insiders own 12.80% of the company's stock.

Institutional Trading of Permian Resources

Hedge funds have recently added to or reduced their stakes in the company. Truist Financial Corp lifted its holdings in Permian Resources by 9.4% during the fourth quarter. Truist Financial Corp now owns 12,653 shares of the company's stock valued at $172,000 after purchasing an additional 1,086 shares in the last quarter. Private Advisor Group LLC purchased a new position in Permian Resources during the fourth quarter valued at $394,000. Charles Schwab Investment Management Inc. lifted its holdings in Permian Resources by 42.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 3,685,972 shares of the company's stock valued at $50,129,000 after purchasing an additional 1,089,575 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Permian Resources by 16.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company's stock valued at $145,546,000 after purchasing an additional 1,544,525 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Permian Resources by 47.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company's stock valued at $23,466,000 after purchasing an additional 554,694 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.