Permian Resources (NASDAQ:PR) Given New $18.00 Price Target at UBS Group

Permian Resources (NASDAQ:PR) had its price objective decreased by research analysts at UBS Group from $19.00 to $18.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s price objective indicates a potential upside of 30.34% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. reduced their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Mizuho cut their price objective on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday. BMO Capital Markets upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Wednesday, July 3rd. Citigroup cut their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Finally, Wolfe Research assumed coverage on shares of Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Two research 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Permian Resources Price Performance

Shares of NASDAQ:PR traded down $0.07 during trading on Wednesday, hitting $13.81. 1,511,009 shares of the company’s stock were exchanged, compared to its average volume of 9,893,312. Permian Resources has a 52-week low of $12.34 and a 52-week high of $18.28. The business’s 50-day simple moving average is $14.66 and its 200 day simple moving average is $15.87. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The company has a market cap of $10.63 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.71 and a beta of 4.33.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business’s revenue was up 99.9% on a year-over-year basis. During the same quarter last year, the business earned $0.27 EPS. As a group, equities analysts predict that Permian Resources will post 1.63 EPS for the current year.

Insiders Place Their Bets

In other news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the 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 transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. YHB Investment Advisors Inc. bought a new stake in Permian Resources in the 1st quarter valued at about $26,000. Parallel Advisors LLC lifted its position in Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares during the last quarter. Innealta Capital LLC bought a new stake in Permian Resources in the 2nd quarter valued at about $30,000. Rise Advisors LLC bought a new stake in Permian Resources in the 1st quarter valued at about $32,000. Finally, Transcendent Capital Group LLC bought a new stake in Permian Resources in the 1st quarter valued at about $36,000. 91.84% of the stock is 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.