Piper Sandler Boosts Permian Resources (NYSE:PR) Price Target to $27.00

Key Points

• Piper Sandler raised its price target on Permian Resources from $24 to $27 and kept an overweight rating, implying roughly a 39% upside from the current price.
• Analyst consensus is a Moderate Buy with an average target of $20.23 (two Strong Buy, 13 Buy, three Hold), reflecting mixed views despite several recent target changes.
• Insiders have been net sellers: CEO William M. Hickey III sold 898,423 shares (an 8.73% reduction) and insiders disposed of about 3.97 million shares (~$62.5M) even as the company beat EPS estimates ($0.37 vs. $0.28) but reported a year-over-year revenue decline.

Permian Resources (NYSE:PR - Get Free Report) had its price objective boosted by research analysts at Piper Sandler from $24.00 to $27.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Piper Sandler's target price would suggest a potential upside of 39.05% from the stock's current price.

Other research analysts have also issued reports about the company. Morgan Stanley decreased their target price on Permian Resources from $19.00 to $18.00 and set an "overweight" rating on the stock in a report on Friday, January 23rd. Wall Street Zen raised Permian Resources from a "sell" rating to a "hold" rating in a report on Saturday, November 15th. Benchmark downgraded shares of Permian Resources from a "buy" rating to a "hold" rating in a report on Thursday, March 5th. Raymond James Financial reissued a "strong-buy" rating and issued a $21.00 price target on shares of Permian Resources in a report on Thursday, February 26th. Finally, Mizuho raised their price objective on shares of Permian Resources from $19.00 to $21.00 and gave the stock an "outperform" rating in a research report on Friday, December 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $20.23.

Permian Resources Stock Performance

Shares of Permian Resources stock traded up $0.07 during trading on Thursday, hitting $19.42. 4,129,906 shares of the stock were exchanged, compared to its average volume of 12,364,464. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. The company has a fifty day moving average price of $16.29 and a 200-day moving average price of $14.51. The stock has a market capitalization of $16.10 billion, a price-to-earnings ratio of 15.52 and a beta of 0.66. Permian Resources has a 1-year low of $10.01 and a 1-year high of $19.64.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. Permian Resources's revenue was down 9.8% on a year-over-year basis. During the same period last year, the business posted $0.36 EPS. As a group, equities analysts predict that Permian Resources will post 1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Guy M. Oliphint sold 4,999 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.28, for a total value of $91,381.72. Following the completion of the sale, the executive vice president directly owned 605,272 shares in the company, valued at approximately $11,064,372.16. The trade was a 0.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William M. Hickey III sold 898,423 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $16,513,014.74. Following the sale, the chief executive officer directly owned 9,389,405 shares in the company, valued at $172,577,263.90. This represents a 8.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 3,965,093 shares of company stock worth $62,487,101. 6.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently modified their holdings of PR. Corient Private Wealth LLC raised its holdings in shares of Permian Resources by 80.0% during the 4th quarter. Corient Private Wealth LLC now owns 80,764 shares of the company's stock worth $1,133,000 after buying an additional 35,905 shares in the last quarter. SHP Wealth Management acquired a new stake in Permian Resources in the fourth quarter valued at about $27,000. Fearnley Asset Management AS bought a new position in Permian Resources in the fourth quarter valued at about $7,175,000. Virtu Financial LLC bought a new position in shares of Permian Resources in the fourth quarter worth about $389,000. Finally, Dean Capital Management boosted its stake in shares of Permian Resources by 3.2% in the 4th quarter. Dean Capital Management now owns 139,966 shares of the company's stock valued at $1,964,000 after purchasing an additional 4,320 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

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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