Scotiabank Raises Permian Resources (NYSE:PR) Price Target to $25.00

Permian Resources (NYSE:PR) had its price objective hoisted by investment analysts at Scotiabank from $21.00 to $25.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s target price suggests a potential upside of 19.79% from the stock’s current price.

A number of other brokerages also recently commented on PR. Weiss Ratings raised shares of Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. Citigroup increased their price target on shares of Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a report on Tuesday, March 31st. Royal Bank Of Canada increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a report on Monday, March 2nd. Truist Financial increased their price target on Permian Resources from $24.00 to $25.00 and gave the company a “buy” rating in a report on Tuesday, April 14th. Finally, Raymond James Financial restated a “strong-buy” rating and set a $21.00 price target on shares of Permian Resources in a report on Thursday, February 26th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $22.38.

Permian Resources Price Performance

PR stock opened at $20.87 on Wednesday. Permian Resources has a 52 week low of $11.58 and a 52 week high of $21.99. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. The company has a fifty day simple moving average of $19.55 and a two-hundred day simple moving average of $15.95. The firm has a market capitalization of $17.45 billion, a P/E ratio of 16.70, a price-to-earnings-growth ratio of 2.72 and a beta of 0.56.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the business earned $0.36 earnings per share. Permian Resources’s quarterly revenue was down 9.8% compared to the same quarter last year. Analysts anticipate that Permian Resources will post 1.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Aron Marquez sold 7,750 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total value of $152,055.00. Following the sale, the director directly owned 72,218 shares of the company’s stock, valued at $1,416,917.16. This represents a 9.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Guy M. Oliphint sold 4,999 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.28, for a total transaction of $91,381.72. Following the completion of the sale, the executive vice president directly owned 605,272 shares in the company, valued at $11,064,372.16. This trade represents a 0.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 3,130,066 shares of company stock worth $58,837,655 over the last three months. 6.44% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of PR. AQR Capital Management LLC increased its stake in Permian Resources by 69.2% in the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after purchasing an additional 61,230 shares during the period. Goldman Sachs Group Inc. increased its stake in Permian Resources by 18.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $75,512,000 after purchasing an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Permian Resources by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock worth $16,751,000 after purchasing an additional 87,105 shares during the period. EverSource Wealth Advisors LLC increased its stake in Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after purchasing an additional 3,224 shares during the period. Finally, Marshall Wace LLP increased its stake in Permian Resources by 21.3% in the second quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock worth $1,274,000 after purchasing an additional 16,443 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.