Raymond James Financial Lowers Permian Resources (NYSE:PR) Price Target to $22.00

Key Points

• Raymond James Financial has lowered its price target for Permian Resources from $23.00 to $22.00, maintaining a "strong-buy" rating with a potential upside of 53.68% from the previous close.
• The stock has received a mix of ratings, with two analysts giving it a "Strong Buy," while the average price target across all analysts is $18.47.
• Permian Resources reported earnings of $0.27 per share for the last quarter, in line with analyst expectations, although its revenue slightly missed forecasts at $1.20 billion.

Permian Resources (NYSE:PR - Get Free Report) had its price target lowered by investment analysts at Raymond James Financial from $23.00 to $22.00 in a note issued to investors on Tuesday, MarketBeat reports. The brokerage presently has a "strong-buy" rating on the stock. Raymond James Financial's target price suggests a potential upside of 58.44% from the stock's previous close.

PR has been the topic of several other reports. The Goldman Sachs Group raised their target price on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 16th. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Wall Street Zen cut shares of Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. UBS Group raised their target price on shares of Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Finally, Bank of America raised their target price on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $18.47.

Permian Resources Stock Performance

Shares of PR stock traded down $0.45 on Tuesday, reaching $13.89. The stock had a trading volume of 7,252,538 shares, compared to its average volume of 9,558,710. The firm has a market capitalization of $11.11 billion, a price-to-earnings ratio of 9.02 and a beta of 1.42. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.33. The firm's 50-day moving average is $13.79 and its two-hundred day moving average is $13.30.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting the consensus estimate of $0.27. The firm had revenue of $1.20 billion for the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business's revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.39 EPS. On average, research analysts expect that Permian Resources will post 1.45 EPS for the current fiscal year.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 4,743 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the sale, the executive vice president directly owned 91,805 shares of the company's stock, valued at approximately $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.44% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in PR. The Manufacturers Life Insurance Company increased its position in shares of Permian Resources by 4.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 605,827 shares of the company's stock worth $8,712,000 after acquiring an additional 26,452 shares in the last quarter. Northern Trust Corp grew its position in Permian Resources by 20.8% in the 4th quarter. Northern Trust Corp now owns 5,223,935 shares of the company's stock worth $75,120,000 after purchasing an additional 899,291 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its position in Permian Resources by 22.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 19,116 shares of the company's stock worth $275,000 after purchasing an additional 3,507 shares in the last quarter. Aptus Capital Advisors LLC grew its position in Permian Resources by 320.1% in the 4th quarter. Aptus Capital Advisors LLC now owns 78,287 shares of the company's stock worth $1,126,000 after purchasing an additional 59,653 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in Permian Resources by 34.5% in the 4th quarter. Ameriprise Financial Inc. now owns 4,329,757 shares of the company's stock worth $62,261,000 after purchasing an additional 1,111,754 shares in the last quarter. 91.84% of the stock is owned by 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.