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

Permian Resources (NYSE:PR) had its target price cut by stock analysts at Piper Sandler from $21.00 to $20.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 60.58% from the stock’s previous close.

Several other research analysts have also recently issued reports on PR. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and increased their price target for the stock from $17.00 to $20.00 in a research note on Wednesday. Truist Financial increased their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Citigroup decreased their price target on Permian Resources from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Morgan Stanley started coverage on Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 target price for the company. One investment analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $19.31.

Permian Resources Trading Down 0.8 %

NYSE:PR opened at $12.46 on Thursday. Permian Resources has a 1 year low of $11.84 and a 1 year high of $18.28. The stock has a market cap of $10.01 billion, a price-to-earnings ratio of 7.55, a PEG ratio of 4.05 and a beta of 4.28. The business has a fifty day moving average of $14.63 and a 200-day moving average of $14.42. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Insider Transactions at Permian Resources

In related news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction that occurred 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 acquisition, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. The trade was a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 18,446 shares of company stock valued at $269,731 in the last three months. Corporate insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kingsview Wealth Management LLC acquired a new stake in Permian Resources in the 4th quarter worth approximately $632,000. Wright Investors Service Inc. bought a new position in Permian Resources in the 4th quarter worth approximately $498,000. Point72 Asset Management L.P. increased its position in Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after buying an additional 2,023,742 shares during the period. South Street Advisors LLC bought a new position in Permian Resources in the 3rd quarter worth approximately $7,142,000. Finally, Oppenheimer Asset Management Inc. bought a new position in Permian Resources in the 3rd quarter worth approximately $556,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.