Permian Resources (NASDAQ:PR) Price Target Lowered to $18.00 at UBS Group

Permian Resources (NASDAQ:PR) had its price target reduced by research analysts at UBS Group from $19.00 to $18.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s target price would indicate a potential upside of 30.34% from the stock’s current price.

PR has been the topic of several other research reports. Citigroup decreased their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Piper Sandler decreased their target price on Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Mizuho reduced their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday. Wolfe Research assumed coverage on Permian Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, JPMorgan Chase & Co. cut their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $19.50.

Permian Resources Price Performance

Shares of PR stock traded down $0.07 during midday trading on Wednesday, reaching $13.81. 1,511,009 shares of the company were exchanged, compared to its average volume of 9,893,312. Permian Resources has a 12 month low of $12.34 and a 12 month high of $18.28. The company has a market cap of $10.63 billion, a P/E ratio of 12.59, a PEG ratio of 0.71 and a beta of 4.33. The company’s 50 day moving average price is $14.66 and its two-hundred day moving average price is $15.87. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. Permian Resources’s revenue was up 99.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.27 EPS. On average, sell-side analysts expect that Permian Resources will post 1.63 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 4,821 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 $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of PR. Vanguard Group Inc. boosted its stake in Permian Resources by 11.2% in the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after buying an additional 5,432,654 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Permian Resources by 9.7% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock worth $268,213,000 after acquiring an additional 1,471,833 shares during the period. Bank of New York Mellon Corp increased its holdings in Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Permian Resources by 20.6% during the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after purchasing an additional 1,555,884 shares during the period. Finally, OnyxPoint Global Management LP acquired a new position in shares of Permian Resources during the fourth quarter worth approximately $114,159,000. 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.