Permian Resources (NYSE:PR) Given New $24.00 Price Target at Citigroup

Permian Resources (NYSE:PR) had its price target reduced by equities research analysts at Citigroup from $26.00 to $24.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 24.25% from the company’s previous close.

PR has been the topic of several other research reports. KeyCorp assumed coverage on Permian Resources in a research report on Tuesday, April 7th. They issued an “overweight” rating and a $25.00 price objective on the stock. Evercore began coverage on Permian Resources in a research report on Tuesday, June 23rd. They set an “outperform” rating and a $25.00 target price for the company. BMO Capital Markets upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Roth Capital set a $23.00 price target on shares of Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Finally, TD Cowen increased their price target on shares of Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, March 17th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Permian Resources currently has a consensus rating of “Buy” and a consensus price target of $23.24.

Permian Resources Stock Down 1.4%

Shares of NYSE:PR traded down $0.27 during midday trading on Wednesday, hitting $19.32. 2,225,566 shares of the company’s stock were exchanged, compared to its average volume of 12,265,756. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The stock has a 50 day moving average price of $19.47 and a 200-day moving average price of $18.44. The company has a market cap of $16.17 billion, a PE ratio of 22.44 and a beta of 0.46. Permian Resources has a 12 month low of $11.92 and a 12 month high of $22.67.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same period in the previous year, the company posted $0.44 EPS. The company’s revenue for the quarter was up .9% on a year-over-year basis. On average, sell-side analysts anticipate that Permian Resources will post 1.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.00% of the stock is owned by insiders.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently modified their holdings of PR. AQR Capital Management LLC lifted its holdings in shares of Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after acquiring an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Permian Resources by 18.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after purchasing an additional 852,347 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Permian Resources by 7.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after purchasing an additional 87,105 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after purchasing an additional 3,224 shares during the last quarter. Finally, Marshall Wace LLP lifted its stake in Permian Resources by 21.3% during the second quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock worth $1,274,000 after purchasing an additional 16,443 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.