Royal Bank Of Canada Boosts Permian Resources (NYSE:PR) Price Target to $20.00

Permian Resources (NYSE:PR) had its target price raised by equities researchers at Royal Bank Of Canada from $18.00 to $20.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price objective indicates a potential upside of 9.05% from the company’s current price.

PR has been the topic of a number of other reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th. TD Cowen raised shares of Permian Resources to a “strong-buy” rating in a research note on Monday, February 9th. Wall Street Zen raised shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Bank of America restated a “neutral” rating and issued a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Finally, Wells Fargo & Company lifted their target price on Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a report on Tuesday, January 27th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.92.

Permian Resources Price Performance

Permian Resources stock opened at $18.34 on Monday. The business’s 50-day simple moving average is $15.70 and its 200 day simple moving average is $14.28. 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 stock has a market cap of $15.21 billion, a price-to-earnings ratio of 14.67 and a beta of 0.66. Permian Resources has a 12-month low of $10.01 and a 12-month high of $19.38.

Permian Resources (NYSE:PR) 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. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the firm earned $0.36 EPS. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. As a group, research analysts anticipate that Permian Resources will post 1.45 earnings per share for the current year.

Insider Activity

In other news, CEO William M. Hickey III sold 467,725 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the completion of the transaction, the chief executive officer directly owned 1,010,136 shares of the company’s stock, valued at $13,768,153.68. This trade represents a 31.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Charles Bell sold 106,399 shares of the business’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the completion of the sale, the executive vice president directly owned 376,442 shares in the company, valued at approximately $5,130,904.46. This represents a 22.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 2,210,456 shares of company stock worth $30,231,728. 12.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently made changes to their positions in PR. Farther Finance Advisors LLC increased its stake in shares of Permian Resources by 114.1% during the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after purchasing an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after buying an additional 1,391 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in shares of Permian Resources in the fourth quarter valued at about $39,000. Parkside Financial Bank & Trust grew its stake in shares of Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after acquiring an additional 1,357 shares in the last quarter. Finally, State of Wyoming increased its position in Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after acquiring an additional 1,640 shares during the period. Institutional investors 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.