UBS Group Cuts Permian Resources (NASDAQ:PR) Price Target to $18.00

21 Sep 2024, 07:55 by Kim Johansen · The Markets Daily

Permian Resources (NASDAQ:PR – Free Report) had its price target cut by UBS Group from $19.00 to $18.00 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also recently commented on the company. Benchmark reissued a buy rating and issued a $17.00 price target on shares of Permian Resources in a research note on Wednesday, August 7th. JPMorgan Chase & Co. dropped their price target 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. Mizuho decreased their price objective on shares of Permian Resources from $22.00 to $19.00 and set an outperform rating for the company in a report on Monday, September 16th. Susquehanna cut their target price on Permian Resources from $16.00 to $15.00 and set a neutral rating on the stock in a report on Wednesday, September 4th. Finally, Piper Sandler decreased their price target on Permian Resources from $23.00 to $21.00 and set an overweight rating for the company in a research note on Thursday, August 15th. Two investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus price target of $19.50.

Check Out Our Latest Analysis on Permian Resources

Permian Resources Stock Down 0.8 %

Shares of Permian Resources stock opened at $13.91 on Wednesday. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28. The company has a market cap of $10.71 billion, a P/E ratio of 12.65, a P/E/G ratio of 0.77 and a beta of 4.33. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock has a 50-day moving average price of $14.56 and a 200 day moving average price of $15.85.

Permian Resources (NASDAQ:PR – Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same period last year, the company posted $0.27 earnings per share. As a group, analysts expect that Permian Resources will post 1.57 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 annualized dividend and a dividend yield of 1.73%. Permian Resources’s payout ratio is 21.82%.

Insider Activity

In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently added to or reduced their stakes in PR. Truist Financial Corp boosted its stake in shares of Permian Resources by 9.4% in the 4th quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock valued at $172,000 after purchasing an additional 1,086 shares in the last quarter. Private Advisor Group LLC bought a new stake in Permian Resources during the fourth quarter worth about $394,000. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Permian Resources during the fourth quarter worth approximately $472,000. Vanguard Personalized Indexing Management LLC raised its stake in shares of Permian Resources by 159.7% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 27,475 shares of the company’s stock valued at $374,000 after acquiring an additional 16,896 shares during the last quarter. Finally, Securian Asset Management Inc. boosted its holdings in shares of Permian Resources by 48.8% in the 4th quarter. Securian Asset Management Inc. now owns 35,088 shares of the company’s stock worth $477,000 after acquiring an additional 11,505 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Company Profile

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