The Goldman Sachs Group Issues Positive Forecast for Permian Resources (NYSE:PR) Stock Price

Permian Resources (NYSE:PR) had its price objective lifted by 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 target would indicate a potential upside of 14.33% from the company’s previous close.

Several other research analysts also recently issued reports on PR. Susquehanna dropped their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a report on Monday, January 26th. Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Citigroup boosted their price target on Permian Resources from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Piper Sandler raised their price objective on Permian Resources from $20.00 to $24.00 and gave the stock an “overweight” rating in a research report on Thursday, March 5th. Finally, Morgan Stanley lowered their price objective on Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research report on Friday, January 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Permian Resources Stock Performance

Shares of PR stock traded up $0.52 during trading hours on Wednesday, reaching $19.24. 6,398,541 shares of the company’s stock were exchanged, compared to its average volume of 12,410,455. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $19.43. 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 capitalization of $15.96 billion, a P/E ratio of 15.38 and a beta of 0.66. The business has a fifty day moving average price of $16.19 and a 200-day moving average price of $14.47.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.09. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. Permian Resources’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the company posted $0.36 earnings per share. Analysts predict that Permian Resources will post 1.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other Permian Resources news, CEO James H. Walter sold 673,425 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the completion of the transaction, the chief executive officer directly owned 9,389,405 shares in the company, valued at $172,577,263.90. This represents a 6.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO William M. Hickey III sold 898,423 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction 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. This represents a 8.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 3,965,093 shares of company stock worth $62,487,101 in the last 90 days. 12.80% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

Several hedge funds have recently modified their holdings of PR. Corient Private Wealth LLC lifted its position in shares of Permian Resources by 80.0% during the fourth quarter. Corient Private Wealth LLC now owns 80,764 shares of the company’s stock worth $1,133,000 after purchasing an additional 35,905 shares in the last quarter. SHP Wealth Management bought a new position in Permian Resources in the 4th quarter valued at $27,000. Fearnley Asset Management AS acquired a new stake in shares of Permian Resources in the 4th quarter valued at $7,175,000. Virtu Financial LLC acquired a new position in shares of Permian Resources during the fourth quarter valued at $389,000. Finally, Dean Capital Management lifted its position in Permian Resources by 3.2% during the 4th quarter. Dean Capital Management now owns 139,966 shares of the company’s stock valued at $1,964,000 after purchasing an additional 4,320 shares during the period. Institutional investors and hedge funds 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.