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

Permian Resources (NYSE:PR) had its price objective cut by research analysts at Piper Sandler from $21.00 to $20.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Piper Sandler’s target price points to a potential upside of 44.40% from the stock’s previous close.

PR has been the topic of several other reports. The Goldman Sachs Group initiated coverage on Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 target price on the stock. Susquehanna dropped their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. JPMorgan Chase & Co. cut their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Truist Financial boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, Mizuho cut their price objective on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and an average price target of $18.87.

Permian Resources Stock Down 2.1 %

Shares of Permian Resources stock traded down $0.30 during midday trading on Tuesday, hitting $13.85. The company had a trading volume of 3,043,525 shares, compared to its average volume of 9,848,003. Permian Resources has a 52-week low of $12.59 and a 52-week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a 50 day moving average of $14.66 and a 200 day moving average of $14.81. The stock has a market capitalization of $11.13 billion, a P/E ratio of 8.39, a P/E/G ratio of 0.88 and a beta of 4.35.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the firm earned $0.36 EPS. Permian Resources’s revenue was up 60.3% on a year-over-year basis. On average, equities analysts predict that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds have recently bought and sold shares of PR. Innealta Capital LLC purchased a new position in Permian Resources in the 2nd quarter valued at $30,000. Hexagon Capital Partners LLC boosted its position in shares of Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after purchasing an additional 1,998 shares during the period. Gilliland Jeter Wealth Management LLC acquired a new position in shares of Permian Resources in the second quarter valued at approximately $40,000. UMB Bank n.a. increased its position in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after acquiring an additional 1,390 shares during the period. Finally, Sunbelt Securities Inc. increased its holdings in Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after purchasing an additional 800 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.