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

Permian Resources (NYSE:PR) had its price objective boosted by stock analysts at Scotiabank from $21.00 to $25.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a “sector outperform” rating on the stock. Scotiabank’s target price points to a potential upside of 23.67% from the stock’s current price.

Several other analysts also recently issued reports on PR. Zacks Research raised Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, March 27th. TD Cowen raised their price target on Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. Royal Bank Of Canada raised their target price on Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, March 2nd. Truist Financial raised their target price on Permian Resources from $24.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Finally, Roth Mkm restated a “neutral” rating and issued a $22.00 target price (up from $20.00) on shares of Permian Resources in a research report on Wednesday, April 8th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Permian Resources has an average rating of “Buy” and a consensus target price of $22.38.

Permian Resources Stock Performance

Shares of NYSE PR traded up $0.31 during mid-day trading on Wednesday, hitting $20.22. The company had a trading volume of 6,496,754 shares, compared to its average volume of 12,746,897. The stock has a market cap of $16.90 billion, a price-to-earnings ratio of 16.16, a PEG ratio of 2.64 and a beta of 0.56. Permian Resources has a 12 month low of $11.58 and a 12 month high of $21.99. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s 50 day simple moving average is $19.41 and its two-hundred day simple moving average is $15.89.

Permian Resources (NYSE:PR) last announced its quarterly earnings results 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 return on equity of 10.83% and a net margin of 18.46%.The business’s revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the business posted $0.36 EPS. As a group, equities research analysts forecast that Permian Resources will post 1.76 earnings per share for the current year.

Insider Transactions at Permian Resources

In related news, Director Aron Marquez sold 7,750 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total value of $152,055.00. Following the sale, the director directly owned 72,218 shares in the company, valued at $1,416,917.16. This trade represents a 9.69% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William M. Hickey III sold 898,423 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were 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 approximately $172,577,263.90. This represents a 8.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 3,130,066 shares of company stock worth $58,837,655 over the last quarter. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several hedge funds have recently modified their holdings of PR. Bank of New York Mellon Corp increased its position in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after purchasing an additional 13,483,136 shares during the period. Boston Partners increased its position in shares of Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after purchasing an additional 7,503,654 shares during the period. Vanguard Group Inc. increased its position in shares of Permian Resources by 10.4% during the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after purchasing an additional 6,705,644 shares during the period. Millennium Management LLC increased its position in shares of Permian Resources by 210.6% during the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after purchasing an additional 6,678,814 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock valued at $346,919,000 after purchasing an additional 4,691,280 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.