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

Permian Resources (NYSE:PR) had its price target raised by analysts at Truist Financial from $20.00 to $23.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price indicates a potential upside of 49.54% from the company’s current price.

Several other brokerages have also commented on PR. Royal Bank of Canada restated an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research note on Monday, October 14th. Mizuho dropped their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. The Goldman Sachs Group began coverage on Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target for the company. Morgan Stanley started coverage on Permian Resources in a research note on Friday. They issued an “overweight” rating and a $19.00 price objective for the company. Finally, Piper Sandler reduced their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.06.

Permian Resources Stock Performance

NYSE:PR traded up $0.24 during trading hours on Monday, reaching $15.38. The company had a trading volume of 1,405,610 shares, compared to its average volume of 7,289,899. 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 52 week low of $12.59 and a 52 week high of $18.28. The firm has a market cap of $12.36 billion, a price-to-earnings ratio of 9.32, a PEG ratio of 0.88 and a beta of 4.32. The firm’s 50 day moving average price is $14.79 and its 200-day moving average price is $14.65.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the company earned $0.36 EPS. Permian Resources’s revenue for the quarter was up 60.3% on a year-over-year basis. On average, analysts forecast that Permian Resources will post 1.47 EPS for the current year.

Insider Activity

In related news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction dated Friday, January 3rd. The shares were 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. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hexagon Capital Partners LLC grew its holdings in Permian Resources by 28,542.9% during 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 during the period. ORG Wealth Partners LLC bought a new stake in Permian Resources in the 4th quarter valued at $31,000. UMB Bank n.a. raised its holdings in shares of Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares during the period. Sunbelt Securities Inc. grew its stake in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after buying an additional 800 shares during the last quarter. Finally, Blue Trust Inc. grew 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 worth $45,000 after purchasing an additional 2,629 shares in the last quarter. 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.