UBS Group Forecasts Strong Price Appreciation for Permian Resources (NYSE:PR) Stock

Permian Resources (NYSE:PR - Get Free Report) had its target price lifted by stock analysts at UBS Group from $14.00 to $16.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. UBS Group's price target would suggest a potential upside of 18.56% from the company's current price.

Several other research firms also recently issued reports on PR. Susquehanna cut their price objective on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Royal Bank of Canada lowered their price target on Permian Resources from $18.00 to $16.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. Williams Trading set a $19.00 target price on Permian Resources in a research note on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price target on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Finally, Morgan Stanley cut their price objective on Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a report on Thursday, March 27th. One analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Permian Resources has an average rating of "Moderate Buy" and a consensus target price of $18.33.

Permian Resources Price Performance

PR stock traded down $0.06 on Monday, hitting $13.50. 6,532,569 shares of the company's stock traded hands, compared to its average volume of 9,714,087. The stock has a market cap of $10.84 billion, a price-to-earnings ratio of 8.18, a P/E/G ratio of 4.05 and a beta of 1.20. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.95. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a fifty day moving average of $12.58 and a 200-day moving average of $13.90.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). The company had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources's quarterly revenue was up 10.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.25 EPS. On average, analysts forecast that Permian Resources will post 1.45 EPS for the current fiscal year.

Insider Transactions at Permian Resources

In related news, Director William J. Quinn purchased 500,000 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, the director now directly owns 812,429 shares of the company's stock, valued at approximately $10,618,447.03. This trade represents a 160.04% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP John Charles Bell sold 2,804 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.03, for a total transaction of $39,340.12. Following the transaction, the executive vice president now owns 74,433 shares in the company, valued at approximately $1,044,294.99. The trade was a 3.63% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,685 shares of company stock worth $135,687. Company insiders own 6.44% of the company's stock.

Institutional Investors Weigh In On Permian Resources

Institutional investors have recently added to or reduced their stakes in the company. Woodline Partners LP lifted its position in shares of Permian Resources by 94.1% in the 1st quarter. Woodline Partners LP now owns 5,419,700 shares of the company's stock worth $75,063,000 after acquiring an additional 2,626,961 shares during the period. Dean Capital Management boosted its stake in Permian Resources by 2.3% during the first quarter. Dean Capital Management now owns 115,085 shares of the company's stock worth $1,594,000 after buying an additional 2,565 shares in the last quarter. Great Lakes Advisors LLC increased its holdings in Permian Resources by 5.2% in the 1st quarter. Great Lakes Advisors LLC now owns 224,842 shares of the company's stock valued at $3,114,000 after buying an additional 11,078 shares during the period. Ashton Thomas Private Wealth LLC lifted its holdings in shares of Permian Resources by 58.1% during the 1st quarter. Ashton Thomas Private Wealth LLC now owns 23,217 shares of the company's stock worth $322,000 after acquiring an additional 8,532 shares during the period. Finally, Goldman Sachs Group Inc. boosted its position in shares of Permian Resources by 18.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock valued at $75,512,000 after acquiring an additional 852,347 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

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.