Piper Sandler Cuts Permian Resources (NYSE:PR) Price Target to $20.00

Permian Resources (NYSE:PR) had its target price decreased by Piper Sandler from $21.00 to $20.00 in a research report released on Tuesday morning, Benzinga reports. Piper Sandler currently has an overweight rating on the stock.

A number of other research firms have also weighed in on PR. The Goldman Sachs Group began coverage on Permian Resources in a research note on Monday, September 30th. They set a “buy” rating and a $19.00 price objective for the company. Citigroup reduced their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Truist Financial dropped their target price on Permian Resources from $22.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, September 30th. Benchmark restated a “buy” rating and set a $17.00 target price on shares of Permian Resources in a research report on Wednesday, August 7th. Finally, Wolfe Research initiated coverage on Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.73.

Permian Resources Stock Down 1.3 %

Permian Resources stock opened at $14.03 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market capitalization of $10.80 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 0.85 and a beta of 4.32. Permian Resources has a 1-year low of $12.34 and a 1-year high of $18.28. The business has a fifty day moving average price of $14.06 and a 200-day moving average price of $15.47.

Permian Resources (NYSE:PR) last issued its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The firm’s quarterly revenue was up 99.9% on a year-over-year basis. During the same quarter last year, the business posted $0.27 EPS. Equities research analysts forecast that Permian Resources will post 1.48 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.71%. The ex-dividend date was Monday, August 19th. Permian Resources’s payout ratio is presently 21.82%.

Insider Activity

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several hedge funds have recently modified their holdings of the stock. Simplicity Wealth LLC increased its holdings in Permian Resources by 5.2% in the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock valued at $212,000 after buying an additional 646 shares during the last quarter. GAMMA Investing LLC increased its holdings in Permian Resources by 19.6% in the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock valued at $70,000 after buying an additional 716 shares during the last quarter. Azzad Asset Management Inc. ADV increased its holdings in Permian Resources by 2.0% in the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock valued at $677,000 after buying an additional 740 shares during the last quarter. Mount Yale Investment Advisors LLC grew its holdings in shares of Permian Resources by 3.1% during the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after purchasing an additional 781 shares during the last quarter. Finally, Larson Financial Group LLC grew its holdings in shares of Permian Resources by 0.5% during the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock worth $3,379,000 after purchasing an additional 949 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.