TD Cowen Increases Permian Resources (NYSE:PR) Price Target to $22.00
by Mitch Edgeman · The Markets DailyPermian Resources (NYSE:PR – Get Free Report) had its target price increased by equities research analysts at TD Cowen from $20.00 to $22.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price objective would suggest a potential upside of 12.56% from the company’s current price.
A number of other brokerages have also recently commented on PR. UBS Group lifted their target price on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Morgan Stanley lowered their price objective on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. Bank of America restated a “neutral” rating and issued a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. The Goldman Sachs Group increased their target price on shares of Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Finally, Weiss Ratings raised Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.85.
Get Our Latest Analysis on Permian Resources
Permian Resources Stock Performance
Shares of NYSE PR traded up $0.32 during trading hours on Tuesday, reaching $19.55. The stock had a trading volume of 2,315,307 shares, compared to its average volume of 12,420,593. The firm has a 50-day moving average of $16.60 and a 200-day moving average of $14.62. The firm has a market cap of $16.21 billion, a price-to-earnings ratio of 15.63 and a beta of 0.66. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $19.64.
Permian Resources (NYSE:PR – Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. The firm’s revenue was down 9.8% compared to the same quarter last year. Equities research analysts predict that Permian Resources will post 1.45 earnings per share for the current year.
Insider Activity at Permian Resources
In related news, CEO James H. Walter sold 673,425 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $12,377,551.50. Following the sale, the chief executive officer directly owned 9,389,405 shares in the company, valued at $172,577,263.90. The trade was a 6.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William J. Quinn sold 800,000 shares of the business’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the sale, the director owned 7,426,839 shares in the company, valued at $142,223,966.85. The trade was a 9.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 4,815,093 shares of company stock worth $78,776,101 in the last three months. 12.80% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Permian Resources
Large investors have recently added to or reduced their stakes in the business. Ruffer LLP acquired a new stake in shares of Permian Resources in the third quarter valued at approximately $2,608,000. Massachusetts Financial Services Co. MA raised its position in shares of Permian Resources by 8.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock worth $236,207,000 after purchasing an additional 1,421,059 shares during the last quarter. American Century Companies Inc. lifted its stake in Permian Resources by 20.3% in the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock valued at $150,409,000 after buying an additional 1,863,632 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in Permian Resources by 101.0% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock valued at $6,920,000 after buying an additional 271,668 shares during the last quarter. Finally, Cresset Asset Management LLC grew its holdings in Permian Resources by 599.2% during the 2nd quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock valued at $2,377,000 after buying an additional 149,548 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.
About Permian Resources
Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.
Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.