Permian Resources (NYSE:PR) Given New $30.00 Price Target at Susquehanna

Permian Resources (NYSE:PR) had its target price increased by equities researchers at Susquehanna from $25.00 to $30.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “positive” rating on the stock. Susquehanna’s target price points to a potential upside of 20.80% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $27.00 price objective on shares of Permian Resources in a research report on Thursday, September 24th. KeyCorp lifted their target price on shares of Permian Resources from $25.00 to $28.00 and gave the company an “overweight” rating in a research note on Tuesday, September 15th. Wells Fargo & Company lifted their target price on shares of Permian Resources from $27.00 to $28.00 and gave the company an “overweight” rating in a research note on Wednesday, October 14th. Morgan Stanley boosted their price target on shares of Permian Resources from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Truist Financial upped their price target on shares of Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, October 12th. Five research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $26.39.

Permian Resources Stock Up 1.0%

Shares of Permian Resources stock opened at $24.84 on Tuesday. The stock has a 50-day moving average price of $22.86 and a 200 day moving average price of $21.01. The company has a market cap of $20.80 billion, a P/E ratio of 16.45 and a beta of 0.66. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. Permian Resources has a 1 year low of $12.06 and a 1 year high of $24.92.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The business’s quarterly revenue was up 55.1% compared to the same quarter last year. During the same period last year, the company posted $0.28 EPS. As a group, analysts expect that Permian Resources will post 2.37 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Guy Oliphint sold 5,103 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the transaction, the executive vice president owned 537,400 shares in the company, valued at approximately $12,763,250. This represents a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the transaction, the executive vice president directly owned 1,561,680 shares in the company, valued at approximately $37,089,900. The trade was a 0.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 15,699 shares of company stock worth $372,851. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PR. Readystate Asset Management LP boosted its stake in shares of Permian Resources by 155.2% during the 2nd quarter. Readystate Asset Management LP now owns 496,281 shares of the company’s stock worth $9,137,000 after acquiring an additional 301,791 shares in the last quarter. Tidal Investments LLC raised its stake in shares of Permian Resources by 60.0% in the 2nd quarter. Tidal Investments LLC now owns 385,843 shares of the company’s stock valued at $7,103,000 after acquiring an additional 144,704 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Permian Resources by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock worth $100,911,000 after purchasing an additional 85,509 shares during the last quarter. Sanctuary Advisors LLC boosted its position in Permian Resources by 35.3% during the first quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company’s stock worth $4,073,000 after purchasing an additional 49,798 shares during the period. Finally, Sterling Capital Management LLC boosted its position in Permian Resources by 98.0% during the first quarter. Sterling Capital Management LLC now owns 168,262 shares of the company’s stock worth $3,587,000 after purchasing an additional 83,302 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.