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

Permian Resources (NYSE:PR) had its price objective raised by research analysts at UBS Group from $14.00 to $16.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price target points to a potential upside of 14.61% from the stock’s current price.

Several other brokerages also recently commented on PR. JPMorgan Chase & Co. lowered their target price on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Susquehanna decreased their target price on Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. Piper Sandler dropped their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Finally, Royal Bank of Canada decreased their price objective on Permian Resources from $18.00 to $16.00 and set an “outperform” rating for the company in a research report on Monday, April 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $18.47.

Permian Resources Trading Up 2.4%

NYSE PR opened at $13.96 on Monday. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.95. The stock has a 50-day simple moving average of $12.53 and a 200 day simple moving average of $13.90. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $11.22 billion, a PE ratio of 8.46, a P/E/G ratio of 4.05 and a beta of 1.20.

Permian Resources (NYSE:PR) last posted its earnings results 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 company had revenue of $1.38 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.25 earnings per share. Research analysts forecast that Permian Resources will post 1.45 EPS for the current year.

Insider Transactions at Permian Resources

In related news, CAO Robert Regan Shannon sold 2,731 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now directly owns 58,668 shares of the company’s stock, valued at approximately $822,525.36. This represents a 4.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William J. Quinn purchased 500,000 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was bought at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the purchase, the director now owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This represents a 160.04% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 9,685 shares of company stock valued at $135,687 over the last 90 days. 6.44% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in Permian Resources by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock valued at $2,021,000 after acquiring an additional 662 shares during the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Permian Resources by 0.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock worth $2,540,000 after purchasing an additional 700 shares during the last quarter. CIBC Asset Management Inc raised its holdings in shares of Permian Resources by 5.4% in the 4th quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock valued at $226,000 after purchasing an additional 805 shares during the period. Principal Securities Inc. lifted its stake in Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after purchasing an additional 852 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its stake in Permian Resources by 0.7% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company’s stock valued at $1,862,000 after purchasing an additional 900 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.