Susquehanna Raises Permian Resources (NASDAQ:PR) Price Target to $18.00

Permian Resources (NASDAQ:PRGet Free Report) had its price target raised by research analysts at Susquehanna from $16.00 to $18.00 in a research report issued on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Susquehanna’s price target suggests a potential upside of 5.39% from the company’s previous close.

A number of other brokerages also recently issued reports on PR. Raymond James started coverage on shares of Permian Resources in a research report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price objective on the stock. Benchmark lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. JPMorgan Chase & Co. lifted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. Royal Bank of Canada restated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Friday, April 12th. Finally, Piper Sandler lifted their target price on shares of Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.23.

View Our Latest Analysis on PR

Permian Resources Price Performance

Permian Resources stock opened at $17.08 on Monday. The firm has a 50-day moving average price of $16.38 and a 200-day moving average price of $14.57. The firm has a market capitalization of $13.18 billion, a PE ratio of 14.72 and a beta of 4.35. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources has a 12-month low of $8.94 and a 12-month high of $18.28.

Permian Resources (NASDAQ:PRGet Free Report) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. As a group, equities research analysts forecast that Permian Resources will post 1.72 EPS for the current year.

Insider Activity

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available at this link. In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, 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 filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total transaction of $27,127.92. Following the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. 23.14% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

A number of institutional investors and hedge funds have recently bought and sold shares of PR. Rise Advisors LLC purchased a new stake in shares of Permian Resources during the first quarter worth approximately $32,000. Parallel Advisors LLC boosted its holdings in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after acquiring an additional 1,178 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $33,000. Quarry LP acquired a new stake in shares of Permian Resources in the first quarter valued at approximately $33,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Permian Resources in the fourth quarter valued at approximately $43,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

About Permian Resources

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Permian Resources (NASDAQ:PR)

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