Piper Sandler Forecasts Strong Price Appreciation for Permian Resources (NYSE:PR) Stock

Permian Resources (NYSE:PR) had its price target boosted by Piper Sandler from $20.00 to $24.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s price target would indicate a potential upside of 26.45% from the stock’s current price.

A number of other brokerages have also issued reports on PR. Wells Fargo & Company lifted their target price on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, January 27th. Bank of America restated a “neutral” rating and set a $16.00 target price (down from $17.00) on shares of Permian Resources in a report on Friday, January 16th. Morgan Stanley lowered their price target on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Wall Street Zen raised shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, UBS Group raised their price objective on Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.58.

Permian Resources Stock Up 2.4%

Shares of PR stock traded up $0.45 on Thursday, hitting $18.98. The company’s stock had a trading volume of 5,170,831 shares, compared to its average volume of 12,116,703. The stock has a market capitalization of $15.74 billion, a price-to-earnings ratio of 15.18 and a beta of 0.66. The firm’s fifty day moving average price is $15.79 and its 200-day moving average price is $14.31. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $19.38.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.09. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.36 EPS. Research analysts anticipate that Permian Resources will post 1.45 EPS for the current year.

Insider Buying and Selling at Permian Resources

In other news, EVP Robert Regan Shannon sold 106,405 shares of the business’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the completion of the sale, the executive vice president owned 360,667 shares of the company’s stock, valued at $4,915,891.21. The trade was a 22.78% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Guy M. Oliphint sold 172,904 shares of the firm’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $2,356,681.52. Following the completion of the transaction, the executive vice president directly owned 616,683 shares in the company, valued at approximately $8,405,389.29. This represents a 21.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 2,210,456 shares of company stock worth $30,231,728. Insiders own 6.44% of the company’s stock.

Institutional Trading of Permian Resources

Several hedge funds have recently modified their holdings of PR. Meiji Yasuda Asset Management Co Ltd. raised its holdings in Permian Resources by 4.0% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock valued at $224,000 after acquiring an additional 607 shares in the last quarter. Waterloo Capital L.P. lifted its stake in Permian Resources by 3.1% during the fourth quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock worth $305,000 after purchasing an additional 657 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its holdings in Permian Resources by 5.4% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company’s stock valued at $192,000 after purchasing an additional 706 shares in the last quarter. Curated Wealth Partners LLC increased its stake in Permian Resources by 1.1% in the fourth quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock valued at $991,000 after purchasing an additional 747 shares during the last quarter. Finally, Chilton Capital Management LLC raised its holdings in Permian Resources by 3.5% during the third quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock worth $303,000 after purchasing an additional 800 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.