Permian Resources (NYSE:PR) Price Target Cut to $22.00 by Analysts at Truist Financial

Key Points

• Truist Financial cut its price target on Permian Resources from $25 to $22, while keeping a buy rating. The new target still implies about 12.9% upside from the previous close.
• Other analysts remain generally positive, with the stock holding an overall Buy consensus and an average price target of $23.35. Recent calls range from a $26 target at Wells Fargo to a downgrade to hold from Zacks Research.
• Permian Resources shares rose 1.7% to $19.48 and the company recently reported quarterly EPS of $0.39, topping estimates by a penny. An insider sale by EVP Guy M. Oliphint also disclosed the sale of 62,769 shares.

Permian Resources (NYSE:PR - Get Free Report) had its price objective cut by Truist Financial from $25.00 to $22.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Truist Financial's target price suggests a potential upside of 12.91% from the stock's previous close.

A number of other brokerages have also weighed in on PR. Wells Fargo & Company set a $26.00 price target on Permian Resources in a research note on Monday, May 25th. Raymond James Financial lowered their target price on shares of Permian Resources from $29.00 to $26.00 and set a "strong-buy" rating for the company in a research note on Wednesday, June 17th. Evercore began coverage on shares of Permian Resources in a research report on Tuesday, June 23rd. They set an "outperform" rating and a $25.00 target price on the stock. Roth Capital set a $23.00 price target on shares of Permian Resources and gave the company a "buy" rating in a research note on Monday, June 22nd. Finally, Zacks Research cut shares of Permian Resources from a "strong-buy" rating to a "hold" rating in a report on Friday, May 22nd. Four analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $23.35.

Permian Resources Stock Up 1.7%

PR traded up $0.34 during trading on Monday, hitting $19.48. The stock had a trading volume of 2,235,948 shares, compared to its average volume of 12,296,680. Permian Resources has a twelve month low of $11.92 and a twelve month high of $22.67. The stock has a 50 day simple moving average of $19.56 and a two-hundred day simple moving average of $18.36. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market capitalization of $16.31 billion, a PE ratio of 22.65 and a beta of 0.46.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share 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 analysts' expectations of $1.41 billion. During the same quarter last year, the firm earned $0.44 EPS. The business's quarterly revenue was up .9% on a year-over-year basis. On average, research analysts predict that Permian Resources will post 1.95 earnings per share for the current year.

Insider Transactions at Permian Resources

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PR. SHP Wealth Management acquired a new stake in shares of Permian Resources in the fourth quarter valued at $27,000. SJS Investment Consulting Inc. increased its holdings in Permian Resources by 1,862.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock worth $30,000 after purchasing an additional 1,341 shares during the period. Los Angeles Capital Management LLC purchased a new stake in Permian Resources during the 4th quarter worth about $39,000. State of Wyoming raised its position in Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company's stock valued at $41,000 after purchasing an additional 1,640 shares in the last quarter. Finally, Cedar Mountain Advisors LLC acquired a new stake in Permian Resources in the 1st quarter valued at about $48,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Company Profile

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.

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