Susquehanna Boosts Permian Resources (NASDAQ:PR) Price Target to $18.00

Permian Resources (NASDAQ:PR) had its price target raised by equities research analysts at Susquehanna from $16.00 to $18.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “neutral” rating on the stock. Susquehanna’s price target would indicate a potential upside of 5.39% from the stock’s previous close.

A number of other analysts have also recently commented on PR. JPMorgan Chase & Co. upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Friday, April 12th. Piper Sandler upped their price target on shares of Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday. Wells Fargo & Company upped their price target on shares of Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Stifel Nicolaus upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, Raymond James assumed coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price target on the stock. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $19.23.

Permian Resources Stock Down 0.6 %

Permian Resources stock opened at $17.08 on Monday. Permian Resources has a twelve month low of $8.94 and a twelve month high of $18.28. The firm has a 50 day moving average price of $16.38 and a 200-day moving average price of $14.57. The company has a market capitalization of $13.18 billion, a P/E ratio of 14.72 and a beta of 4.35. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. As a group, equities analysts predict that Permian Resources will post 1.72 EPS for the current year.

Insider Transactions at Permian Resources

In other news, Director Robert John Anderson sold 1,000,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $15,710,000.00. Following the completion of the sale, the director now directly owns 476,306 shares of the company’s stock, valued at approximately $7,482,767.26. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Robert John Anderson sold 1,000,000 shares of Permian Resources stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the completion of the transaction, the director now directly owns 476,306 shares of the company’s stock, valued at approximately $7,482,767.26. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,916,943 shares of company stock valued at $516,796,999. Company insiders own 23.14% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PR. Parallel Advisors LLC raised its holdings in Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after buying an additional 1,178 shares during the last quarter. Rise Advisors LLC bought a new stake in shares of Permian Resources in the first quarter worth approximately $32,000. DekaBank Deutsche Girozentrale bought a new stake in shares of Permian Resources in the fourth quarter worth approximately $33,000. Quarry LP bought a new stake in shares of Permian Resources in the first quarter worth approximately $33,000. Finally, GAMMA Investing LLC bought a new stake in shares of Permian Resources in the fourth quarter worth approximately $43,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.