Permian Resources (NASDAQ:PR) PT Raised to $23.00 at Truist Financial

Permian Resources (NASDAQ:PR) had its price target upped by investment analysts at Truist Financial from $22.00 to $23.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s target price would suggest a potential upside of 33.80% from the company’s previous close.

A number of other equities research analysts have also issued reports on PR. Benchmark lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Bank of America assumed coverage on shares of Permian Resources in a report on Friday, January 5th. They issued a “neutral” rating and a $15.00 price objective for the company. Raymond James assumed coverage on shares of Permian Resources in a report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Friday, April 12th. Finally, Mizuho upped their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $19.31.

Permian Resources Trading Up 0.1 %

Shares of NASDAQ:PR opened at $17.19 on Monday. The firm has a fifty day moving average of $16.51 and a two-hundred day moving average of $14.63. The firm has a market capitalization of $13.27 billion, a P/E ratio of 14.82 and a beta of 4.35. Permian Resources has a 12-month low of $8.94 and a 12-month high of $18.28. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last issued its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, equities analysts expect that Permian Resources will post 1.72 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the transaction, the insider now owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the sale, the chief accounting officer now owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the sale, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 over the last quarter. Corporate insiders own 23.14% of the company’s stock.

Institutional Trading of Permian Resources

Hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue bought a new position in Permian Resources in the third quarter valued at approximately $460,000. Avior Wealth Management LLC bought a new position in Permian Resources in the third quarter valued at approximately $385,000. Friedenthal Financial bought a new position in Permian Resources in the third quarter valued at approximately $737,000. Commonwealth Equity Services LLC boosted its stake in Permian Resources by 12.4% in the third quarter. Commonwealth Equity Services LLC now owns 23,356 shares of the company’s stock valued at $326,000 after acquiring an additional 2,582 shares during the last quarter. Finally, Xponance Inc. boosted its stake in Permian Resources by 157.3% in the third quarter. Xponance Inc. now owns 38,530 shares of the company’s stock valued at $538,000 after acquiring an additional 23,555 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

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.