Truist Financial Boosts Permian Resources (NYSE:PR) Price Target to $20.00

Permian Resources (NYSE:PR - Get Free Report) had its target price hoisted by investment analysts at Truist Financial from $18.00 to $20.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has a "buy" rating on the stock. Truist Financial's price target would suggest a potential upside of 33.87% from the company's current price.

PR has been the subject of a number of other research reports. UBS Group reduced their price objective on Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, September 18th. The Goldman Sachs Group assumed coverage on Permian Resources in a report on Monday, September 30th. They issued a "buy" rating and a $19.00 price objective on the stock. Wolfe Research assumed coverage on Permian Resources in a report on Thursday, July 18th. They set a "peer perform" rating for the company. Mizuho decreased their price target on shares of Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a research note on Monday, September 16th. Finally, Susquehanna dropped their price objective on shares of Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.87.

Permian Resources Stock Performance

Permian Resources stock traded down $0.03 during midday trading on Friday, reaching $14.94. 8,553,539 shares of the company's stock were exchanged, compared to its average volume of 10,142,558. Permian Resources has a 52 week low of $12.34 and a 52 week high of $18.28. The firm has a market cap of $11.99 billion, a price-to-earnings ratio of 9.05, a P/E/G ratio of 0.88 and a beta of 4.34. The stock's 50-day simple moving average is $13.88 and its 200 day simple moving average is $15.11. 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 (NYSE:PR - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.43%. The company's quarterly revenue was up 99.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.27 earnings per share. On average, analysts expect that Permian Resources will post 1.46 earnings per share for the current fiscal year.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction that occurred 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 approximately $1,075,911.41. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Robert Regan Shannon sold 4,822 shares of the business's stock in a transaction dated 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 approximately $855,288.07. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 77,237 shares of the company's stock, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Institutional Trading of Permian Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in shares of Permian Resources by 11.2% in the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company's stock valued at $949,189,000 after buying an additional 5,432,654 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Permian Resources by 480.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company's stock valued at $106,924,000 after purchasing an additional 5,012,287 shares during the last quarter. Bank of New York Mellon Corp increased its position in shares of Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock worth $194,585,000 after buying an additional 4,497,184 shares during the period. Merewether Investment Management LP raised its stake in Permian Resources by 148.1% during the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company's stock worth $95,292,000 after buying an additional 3,522,300 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in Permian Resources by 16,359.8% during the second quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company's stock worth $56,089,000 after buying an additional 3,451,923 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.