Permian Resources (NYSE:PR) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Permian Resources (NYSE:PR) had its price objective upped by analysts at The Goldman Sachs Group from $17.00 to $18.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s target price would indicate a potential upside of 31.91% from the company’s current price.

A number of other research firms also recently weighed in on PR. Royal Bank Of Canada raised their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Thursday, October 9th. UBS Group raised their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, August 20th. Piper Sandler boosted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 21st. Morgan Stanley increased their price target on Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Finally, William Blair assumed coverage on Permian Resources in a report on Monday, August 25th. They set an “outperform” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and an average target price of $18.87.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $13.65 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $11.32 billion, a price-to-earnings ratio of 12.52 and a beta of 1.31. Permian Resources has a twelve month low of $10.01 and a twelve month high of $16.33. The company has a 50-day simple moving average of $12.96 and a two-hundred day simple moving average of $13.38.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The business’s revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 earnings per share. Analysts forecast that Permian Resources will post 1.45 EPS for the current year.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president directly owned 107,569 shares of the company’s stock, valued at $1,528,555.49. The trade was a 4.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the sale, the executive vice president owned 91,805 shares of the company’s stock, valued at approximately $1,305,467.10. This represents a 4.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 6.44% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Farther Finance Advisors LLC raised its stake in shares of Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after purchasing an additional 1,047 shares during the period. Allworth Financial LP increased its holdings in Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after buying an additional 1,635 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Permian Resources by 154.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after acquiring an additional 1,391 shares during the period. Keystone Global Partners LLC purchased a new position in Permian Resources in the first quarter valued at about $36,000. Finally, FNY Investment Advisers LLC purchased a new position in Permian Resources in the second quarter valued at about $36,000. 91.84% of the stock is owned by institutional investors.

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.