Piper Sandler Raises Permian Resources (NYSE:PR) Price Target to $21.00

Permian Resources (NYSE:PR - Get Free Report) had its price target hoisted by Piper Sandler from $20.00 to $21.00 in a report released on Wednesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price target suggests a potential upside of 43.60% from the stock's current price.

A number of other equities analysts have also recently commented on the company. Morgan Stanley started coverage on Permian Resources in a report on Friday, January 10th. They set an "overweight" rating and a $19.00 target price for the company. Benchmark lowered their target price on Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a report on Wednesday, October 16th. Truist Financial raised their target price on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a report on Monday, January 13th. Royal Bank of Canada restated an "outperform" rating and set a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Finally, Wells Fargo & Company lowered their target price on Permian Resources from $22.00 to $21.00 and set an "overweight" rating for the company in a report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $19.13.

Permian Resources Trading Down 2.8 %

Shares of NYSE PR traded down $0.42 during mid-day trading on Wednesday, reaching $14.62. 5,529,459 shares of the company's stock were exchanged, compared to its average volume of 6,894,811. The firm has a market capitalization of $11.75 billion, a price-to-earnings ratio of 8.86, a PEG ratio of 4.23 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources has a 52-week low of $12.59 and a 52-week high of $18.28. The company's 50-day moving average is $14.91 and its 200-day moving average is $14.56.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.32 by $0.21. The business had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company's revenue was up 60.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 EPS. Analysts expect that Permian Resources will post 1.45 EPS for the current fiscal year.

Insider Buying and Selling

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC lifted its stake in Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock valued at $27,000 after buying an additional 1,998 shares during the last quarter. Principal Securities Inc. lifted its stake in Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after buying an additional 852 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in Permian Resources in the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC raised its stake in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock worth $36,000 after purchasing an additional 1,232 shares during the last quarter. Finally, UMB Bank n.a. raised its stake in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock worth $38,000 after purchasing an additional 1,390 shares during the last quarter. Hedge funds and other 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.