Piper Sandler Cuts Permian Resources (NYSE:PR) Price Target to $20.00

Permian Resources (NYSE:PR) had its price objective decreased by stock analysts at Piper Sandler from $21.00 to $20.00 in a report released on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price objective indicates a potential upside of 60.58% from the stock’s previous close.

Other analysts have also issued research reports about the company. Morgan Stanley assumed coverage on Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price target on the stock. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and boosted their price target for the company from $17.00 to $20.00 in a research note on Wednesday. Citigroup decreased their price target on Permian Resources from $18.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Truist Financial boosted their price target on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. One investment analyst has rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $19.31.

Permian Resources Stock Performance

PR opened at $12.46 on Thursday. The stock has a market cap of $10.01 billion, a PE ratio of 7.55, a P/E/G ratio of 4.05 and a beta of 4.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a 1 year low of $11.84 and a 1 year high of $18.28. The stock’s 50 day simple moving average is $14.63 and its 200-day simple moving average is $14.42.

Insider Activity at Permian Resources

In other news, Director William J. Quinn acquired 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was acquired at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the sale, the chief financial officer now owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,446 shares of company stock worth $269,731. 12.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

A number of large investors have recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Permian Resources by 0.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock worth $2,021,000 after purchasing an additional 662 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in shares of Permian Resources by 0.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock worth $2,540,000 after buying an additional 700 shares during the last quarter. Sunbelt Securities Inc. boosted its stake in shares of Permian Resources by 33.4% during the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after buying an additional 800 shares during the last quarter. CIBC Asset Management Inc boosted its stake in shares of Permian Resources by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock worth $226,000 after buying an additional 805 shares during the last quarter. Finally, Principal Securities Inc. boosted its stake in shares of Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after buying an additional 852 shares during the last quarter. 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.