Permian Resources (NASDAQ:PR) Price Target Increased to $20.00 by Analysts at JPMorgan Chase & Co.

Permian Resources (NASDAQ:PR - Get Free Report) had its price target lifted by investment analysts at JPMorgan Chase & Co. from $18.00 to $20.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 12.80% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Raymond James initiated coverage on Permian Resources in a report on Tuesday. They issued a "strong-buy" rating and a $24.00 price objective for the company. Royal Bank of Canada reiterated an "outperform" rating and issued a $17.00 price objective on shares of Permian Resources in a report on Tuesday, March 5th. Susquehanna increased their price objective on Permian Resources from $15.00 to $16.00 and gave the stock a "neutral" rating in a report on Thursday, February 29th. Bank of America initiated coverage on Permian Resources in a report on Friday, January 5th. They issued a "neutral" rating and a $15.00 price objective for the company. Finally, Mizuho raised their price target on Permian Resources from $16.00 to $18.00 and gave the company a "buy" rating in a report on Thursday, March 7th. Three equities research 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's stock. Based on data from MarketBeat, Permian Resources presently has a consensus rating of "Moderate Buy" and an average price target of $18.62.

Permian Resources Trading Down 0.4 %

Shares of NASDAQ:PR traded down $0.08 during trading on Friday, reaching $17.73. 7,085,635 shares of the company traded hands, compared to its average volume of 9,630,059. The firm has a market capitalization of $13.69 billion, a price-to-earnings ratio of 15.28 and a beta of 4.35. Permian Resources has a 52-week low of $8.94 and a 52-week high of $18.28. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The business's fifty day moving average is $15.87 and its 200-day moving average is $14.39.

Permian Resources (NASDAQ:PR - Get Free Report) last announced its earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. As a group, analysts forecast that Permian Resources will post 1.69 EPS for the current year.

Insiders Place Their Bets

In other news, CAO Brent P. Jensen sold 203,687 shares of the firm's stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares of the company's stock, valued at $15,457,119.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Brent P. Jensen sold 1,853 shares of the firm's stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares of the company's stock, valued at $15,337,010.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brent P. Jensen sold 203,687 shares of the firm's stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. Insiders own 23.14% of the company's stock.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC increased its stake in Permian Resources by 317.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company's stock worth $338,000 after acquiring an additional 18,398 shares during the last quarter. Zweig DiMenna Associates LLC increased its stake in Permian Resources by 35.6% in the 3rd quarter. Zweig DiMenna Associates LLC now owns 501,300 shares of the company's stock worth $6,998,000 after acquiring an additional 131,500 shares during the last quarter. Comerica Bank increased its stake in Permian Resources by 110,645.5% in the 3rd quarter. Comerica Bank now owns 946,874 shares of the company's stock worth $13,218,000 after acquiring an additional 946,019 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its stake in Permian Resources by 7.2% in the 4th quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company's stock worth $42,584,000 after acquiring an additional 210,870 shares during the last quarter. Finally, Raymond James & Associates increased its stake in Permian Resources by 26.1% in the 4th quarter. Raymond James & Associates now owns 634,123 shares of the company's stock worth $8,624,000 after acquiring an additional 131,078 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.