Truist Financial Raises Permian Resources (NYSE:PR) Price Target to $23.00

Permian Resources (NYSE:PR - Get Free Report) had its target price upped by analysts at Truist Financial from $20.00 to $23.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's price objective would indicate a potential upside of 49.35% from the company's current price.

PR has been the topic of a number of other reports. Royal Bank of Canada reissued an "outperform" rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Wells Fargo & Company decreased their price target on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 1st. UBS Group cut their price objective on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, September 18th. Mizuho decreased their target price on shares of Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Monday, September 16th. Finally, Piper Sandler lowered their price target on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Tuesday, December 17th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $19.06.

Permian Resources Stock Performance

Shares of NYSE PR traded up $0.26 during mid-day trading on Monday, hitting $15.40. The company had a trading volume of 9,946,561 shares, compared to its average volume of 8,582,645. The stock's 50-day moving average price is $14.82 and its 200-day moving average price is $14.64. The company has a market capitalization of $12.37 billion, a price-to-earnings ratio of 9.33, a P/E/G ratio of 0.88 and a beta of 4.32. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a 1 year low of $12.59 and a 1 year high of $18.28.

Permian Resources (NYSE:PR - Get Free Report) last posted its 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 for the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources's revenue was up 60.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, sell-side analysts forecast that Permian Resources will post 1.47 earnings per share for the current year.

Insider Buying and Selling at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the firm's stock in a transaction 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 transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 12.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PR. Hexagon Capital Partners LLC increased its holdings in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock worth $27,000 after acquiring an additional 1,998 shares in the last quarter. ORG Wealth Partners LLC bought a new position in shares of Permian Resources in the fourth quarter worth approximately $31,000. UMB Bank n.a. increased its stake in shares of Permian Resources by 99.2% in 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 in the last quarter. Sunbelt Securities Inc. increased its stake in shares of Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock worth $43,000 after purchasing an additional 800 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Permian Resources by 399.5% during the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company's stock valued at $45,000 after purchasing an additional 2,629 shares during the period. 91.84% of the stock is currently owned by institutional investors.

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.