Piper Sandler Lowers Permian Resources (NYSE:PR) Price Target to $20.00

Permian Resources (NYSE:PR) had its price objective lowered by analysts at Piper Sandler from $21.00 to $20.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 44.40% from the company’s current price.

Several other equities analysts also recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Benchmark cut their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. The Goldman Sachs Group initiated coverage on Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price objective for the company. Finally, Wells Fargo & Company dropped their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $18.87.

Permian Resources Stock Performance

Permian Resources stock traded down $0.30 during mid-day trading on Tuesday, reaching $13.85. 3,043,525 shares of the company were exchanged, compared to its average volume of 9,848,003. Permian Resources has a twelve month low of $12.59 and a twelve month high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The firm’s 50-day simple moving average is $14.66 and its two-hundred day simple moving average is $14.81. The firm has a market cap of $11.13 billion, a PE ratio of 8.39, a price-to-earnings-growth ratio of 0.88 and a beta of 4.35.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.36 earnings per share. Equities analysts predict that Permian Resources will post 1.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently bought and sold shares of the stock. State Street Corp boosted its holdings in shares of Permian Resources by 6.1% in the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock worth $299,790,000 after buying an additional 1,263,460 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Permian Resources by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock worth $247,042,000 after purchasing an additional 1,543,854 shares during the period. Bank of New York Mellon Corp raised its stake in Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after purchasing an additional 4,497,184 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Permian Resources by 17.6% in the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock valued at $148,957,000 after purchasing an additional 1,638,618 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of Permian Resources by 20.6% in the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after buying an additional 1,555,884 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

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.