UBS Group Boosts Permian Resources (NYSE:PR) Price Target to $16.00

Permian Resources (NYSE:PR) had its target price upped by stock analysts at UBS Group from $14.00 to $16.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price target indicates a potential upside of 17.43% from the stock’s previous close.

PR has been the subject of several other research reports. Susquehanna cut their price target on Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a report on Tuesday, April 22nd. Citigroup lowered Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Williams Trading set a $19.00 price target on shares of Permian Resources in a research note on Wednesday, March 5th. Piper Sandler lowered their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Finally, Truist Financial raised their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.53.

Permian Resources Stock Performance

PR traded up $0.62 on Monday, hitting $13.63. The company had a trading volume of 10,485,330 shares, compared to its average volume of 9,512,703. The stock has a market cap of $10.95 billion, a price-to-earnings ratio of 8.26, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The company’s fifty day moving average price is $12.47 and its 200 day moving average price is $13.91. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.95.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources’s quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.25 earnings per share. Equities analysts predict that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Insider Buying and Selling at Permian Resources

In related news, CFO Guy M. Oliphint sold 4,150 shares of the company’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the sale, the chief financial officer now owns 130,467 shares in the company, valued at approximately $1,825,233.33. This represents a 3.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the sale, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at approximately $822,525.36. This represents a 4.45% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,685 shares of company stock valued at $135,687. 6.44% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Permian Resources by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock worth $944,487,000 after purchasing an additional 870,622 shares during the period. Price T Rowe Associates Inc. MD raised its position in Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock worth $469,856,000 after purchasing an additional 12,306,854 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Permian Resources during the fourth quarter worth $431,676,000. Massachusetts Financial Services Co. MA lifted its stake in Permian Resources by 1.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock valued at $265,209,000 after buying an additional 291,444 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in shares of Permian Resources by 7.2% during the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company’s stock valued at $196,025,000 after purchasing an additional 909,740 shares during the period. Institutional investors and hedge funds 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.