Truist Financial Boosts Permian Resources (NASDAQ:PR) Price Target to $23.00

Permian Resources (NASDAQ:PR - Get Free Report) had its price target raised by equities researchers at Truist Financial from $22.00 to $23.00 in a report released on Monday, Benzinga reports. The firm presently has a "buy" rating on the stock. Truist Financial's price target indicates a potential upside of 33.95% from the company's previous close.

A number of other research firms have also recently commented on PR. Raymond James initiated coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They issued a "strong-buy" rating and a $24.00 price target for the company. Benchmark increased their target price on Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Tuesday, March 5th. Stifel Nicolaus increased their target price on Permian Resources from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Friday, March 22nd. JPMorgan Chase & Co. increased their target price on Permian Resources from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Friday, April 12th. Finally, Citigroup increased their target price on Permian Resources from $17.00 to $19.00 and gave the company a "buy" rating in a research note on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $19.31.

Permian Resources Stock Performance

NASDAQ:PR traded up $0.09 on Monday, reaching $17.17. 6,808,652 shares of the company's stock were exchanged, compared to its average volume of 9,466,859. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a market cap of $13.25 billion, a price-to-earnings ratio of 14.80 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 stock has a fifty day simple moving average of $16.45 and a 200-day simple moving average of $14.60.

Permian Resources (NASDAQ:PR - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS 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 company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. As a group, sell-side analysts predict that Permian Resources will post 1.72 earnings per share for the current year.

Insiders Place Their Bets

In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the firm's stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the transaction, the chief accounting officer now owns 1,047,610 shares of the company's stock, valued at $15,337,010.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Brent P. Jensen sold 203,687 shares of the firm's stock in a transaction that occurred on 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 approximately $15,457,119.75. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock worth $516,796,999 over the last three months. Company insiders own 23.14% of the company's stock.

Institutional Investors Weigh In On Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in PR. Tower Research Capital LLC TRC lifted 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 purchasing an additional 18,398 shares in the last quarter. Zweig DiMenna Associates LLC lifted 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 purchasing an additional 131,500 shares in the last quarter. Comerica Bank lifted 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 purchasing an additional 946,019 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted 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 purchasing an additional 210,870 shares in the last quarter. Finally, Raymond James & Associates lifted 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 purchasing an additional 131,078 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

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.