Scotiabank Forecasts Strong Price Appreciation for Permian Resources (NYSE:PR) Stock

Permian Resources (NYSE:PR) had its target price increased by stock analysts at Scotiabank from $21.00 to $25.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s price target would indicate a potential upside of 23.67% from the company’s previous close.

A number of other research analysts also recently commented on the company. Royal Bank Of Canada increased their price target on Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, March 2nd. Truist Financial increased their price target on Permian Resources from $24.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Piper Sandler increased their price target on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, March 12th. BMO Capital Markets raised Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. Finally, Citigroup increased their price target on Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, March 31st. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $22.38.

Permian Resources Stock Up 1.5%

Shares of PR stock traded up $0.31 during trading hours on Wednesday, reaching $20.22. The company had a trading volume of 6,496,754 shares, compared to its average volume of 12,746,897. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. Permian Resources has a twelve month low of $11.58 and a twelve month high of $21.99. The company has a market capitalization of $16.90 billion, a P/E ratio of 16.16, a price-to-earnings-growth ratio of 2.64 and a beta of 0.56. The stock’s fifty day simple moving average is $19.41 and its 200 day simple moving average is $15.89.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. As a group, sell-side analysts expect that Permian Resources will post 1.76 earnings per share for the current fiscal year.

Insider Activity at Permian Resources

In other Permian Resources news, CEO James H. Walter sold 673,425 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the transaction, the chief executive officer owned 9,389,405 shares of the company’s stock, valued at $172,577,263.90. This trade represents a 6.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director William J. Quinn sold 800,000 shares of the stock in a transaction that occurred on Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total value of $15,320,000.00. Following the transaction, the director directly owned 7,426,839 shares in the company, valued at approximately $142,223,966.85. This represents a 9.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 3,130,066 shares of company stock worth $58,837,655 over the last quarter. 12.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PR. Bank of New York Mellon Corp lifted its holdings in Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after buying an additional 13,483,136 shares during the last quarter. Boston Partners lifted its holdings in Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after buying an additional 7,503,654 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Permian Resources by 10.4% during the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock worth $914,733,000 after buying an additional 6,705,644 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after purchasing an additional 6,678,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Permian Resources by 20.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after purchasing an additional 4,691,280 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.