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

Permian Resources (NYSE:PR) had its price target boosted by analysts at Piper Sandler from $20.00 to $21.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s target price indicates a potential upside of 39.67% from the company’s previous close.

Several other research firms have also recently weighed in on PR. Morgan Stanley began coverage on shares of Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective on the stock. Truist Financial increased their price target 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. Benchmark dropped their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Wells Fargo & Company reduced their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research note on Monday, October 14th. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.13.

Permian Resources Stock Performance

Permian Resources stock opened at $15.04 on Wednesday. The firm’s 50 day simple moving average is $14.94 and its 200 day simple moving average is $14.59. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a 1-year low of $12.59 and a 1-year high of $18.28. The firm has a market capitalization of $12.08 billion, a PE ratio of 9.11, a price-to-earnings-growth ratio of 4.60 and a beta of 4.32.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm’s revenue was up 60.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.36 earnings per share. As a group, analysts expect that Permian Resources will post 1.44 earnings per share for the current fiscal year.

Insider Transactions at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Principal Securities Inc. lifted its position in Permian Resources by 73.6% in the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after buying an additional 852 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Permian Resources by 1.5% in the 4th quarter. Rhumbline Advisers now owns 1,682,022 shares of the company’s stock worth $24,187,000 after acquiring an additional 24,152 shares during the last quarter. New Mexico Educational Retirement Board boosted its stake in shares of Permian Resources by 33.2% during the 4th quarter. New Mexico Educational Retirement Board now owns 129,868 shares of the company’s stock worth $1,868,000 after purchasing an additional 32,368 shares during the period. New York State Teachers Retirement System grew its holdings in Permian Resources by 36.9% during the 4th quarter. New York State Teachers Retirement System now owns 269,905 shares of the company’s stock valued at $3,881,000 after purchasing an additional 72,726 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Permian Resources by 16.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 629,844 shares of the company’s stock valued at $9,359,000 after purchasing an additional 90,686 shares during the last quarter. Hedge funds and other institutional investors 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.