Goldman Sachs Sticks to Its Buy Rating for Permian Resources (PR)

Goldman Sachs analyst Neil Mehta reiterated a Buy rating on Permian Resources yesterday and set a price target of $23.00. The company’s shares closed yesterday at $19.60.

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Mehta covers the Energy sector, focusing on stocks such as Permian Resources, Ovintiv, and Suncor Energy. According to TipRanks, Mehta has an average return of 11.0% and a 62.16% success rate on recommended stocks.

Permian Resources has an analyst consensus of Strong Buy, with a price target consensus of $23.38, representing a 19.29% upside. In a report released yesterday, Siebert Williams Shank & Co also maintained a Buy rating on the stock with a $25.00 price target.

Based on Permian Resources’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $1.17 billion and a net profit of $339.51 million. In comparison, last year the company earned a revenue of $1.3 billion and had a net profit of $216.65 million

Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PR in relation to earlier this year. Last month, William Quinn, a Director at PR sold 512,429.00 shares for a total of $10,038,484.11.