The Goldman Sachs Group Increases Permian Resources (NYSE:PR) Price Target to $22.00

Permian Resources (NYSE:PR) had its target price increased by research analysts at The Goldman Sachs Group from $17.00 to $22.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price objective would indicate a potential upside of 15.27% from the stock’s current price.

PR has been the topic of a number of other research reports. Bank of America reaffirmed a “neutral” rating and set a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Raymond James Financial reissued a “strong-buy” rating and issued a $21.00 target price on shares of Permian Resources in a research note on Thursday, February 26th. TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a report on Monday, February 9th. Mizuho raised their price target on shares of Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Finally, UBS Group lifted their price target on shares of Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $20.42.

Permian Resources Price Performance

Shares of NYSE PR opened at $19.09 on Wednesday. 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 stock has a market cap of $15.83 billion, a price-to-earnings ratio of 15.27 and a beta of 0.66. The company’s 50-day moving average price is $16.39 and its 200 day moving average price is $14.54. Permian Resources has a 52 week low of $10.01 and a 52 week high of $19.64.

Permian Resources (NYSE:PR) last released its quarterly earnings results 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 for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the business earned $0.36 earnings per share. The company’s quarterly revenue was down 9.8% on a year-over-year basis. As a group, research analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Insider Transactions at Permian Resources

In other Permian Resources news, CEO William M. Hickey III sold 898,423 shares of Permian Resources stock in a transaction dated 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 completion of the sale, the chief executive officer owned 9,389,405 shares in the company, valued at $172,577,263.90. The trade was a 8.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John Charles Bell sold 158,385 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the transaction, the executive vice president directly owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. This represents a 9.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 4,765,093 shares of company stock worth $77,807,101 in the last quarter. 6.44% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Corient Private Wealth LLC boosted its holdings in shares of Permian Resources by 80.0% in the 4th quarter. Corient Private Wealth LLC now owns 80,764 shares of the company’s stock valued at $1,133,000 after purchasing an additional 35,905 shares during the last quarter. SHP Wealth Management acquired a new stake in shares of Permian Resources during the 4th quarter worth $27,000. Fearnley Asset Management AS acquired a new stake in shares of Permian Resources during the 4th quarter worth $7,175,000. Virtu Financial LLC purchased a new position in shares of Permian Resources in the 4th quarter worth $389,000. Finally, Dean Capital Management raised its position 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 worth $1,964,000 after buying an additional 4,320 shares during the period. Institutional investors and hedge funds 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.