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

Permian Resources (NYSE:PR) had its price target raised by equities research analysts at UBS Group from $19.00 to $23.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock. UBS Group’s price objective would suggest a potential upside of 22.15% from the stock’s previous close.

Other research analysts have also issued reports about the company. Wells Fargo & Company increased their price objective on Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 27th. Piper Sandler lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a research report on Monday, February 9th. Benchmark downgraded shares of Permian Resources from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Morgan Stanley decreased their price objective on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.25.

Permian Resources Price Performance

NYSE PR traded up $0.30 during trading on Thursday, reaching $18.83. 2,934,337 shares of the company traded hands, compared to its average volume of 12,033,810. Permian Resources has a 1-year low of $10.01 and a 1-year high of $19.38. The company has a market cap of $15.62 billion, a price-to-earnings ratio of 15.06 and a beta of 0.66. The stock’s 50 day moving average price is $15.79 and its two-hundred day moving average price is $14.31. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78.

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, topping analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.Permian Resources’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS. As a group, analysts anticipate that Permian Resources will post 1.45 EPS for the current year.

Insider Activity

In other news, EVP Robert Regan Shannon sold 106,405 shares of the company’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 $1,450,300.15. Following the transaction, the executive vice president directly owned 360,667 shares in the company, valued at approximately $4,915,891.21. This represents a 22.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Charles Bell sold 106,399 shares of the 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 $1,450,218.37. Following the sale, the executive vice president directly owned 376,442 shares in the company, valued at $5,130,904.46. This trade represents a 22.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 2,210,456 shares of company stock worth $30,231,728. 6.44% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of PR. Meiji Yasuda Asset Management Co Ltd. lifted its holdings in Permian Resources by 4.0% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock worth $224,000 after buying an additional 607 shares in the last quarter. Waterloo Capital L.P. raised its position in shares of Permian Resources by 3.1% during the fourth quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock worth $305,000 after acquiring an additional 657 shares during the last quarter. Kingswood Wealth Advisors LLC lifted its stake in shares of Permian Resources by 5.4% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company’s stock valued at $192,000 after acquiring an additional 706 shares during the period. Curated Wealth Partners LLC lifted its stake in shares of Permian Resources by 1.1% during the fourth quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock valued at $991,000 after acquiring an additional 747 shares during the period. Finally, Chilton Capital Management LLC boosted its holdings in Permian Resources by 3.5% in the third quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock valued at $303,000 after acquiring an additional 800 shares during the last quarter. 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.