Permian Resources (NYSE:PR) Price Target Lowered to $21.00 at Wells Fargo & Company

Permian Resources (NYSE:PR) had its price objective cut by investment analysts at Wells Fargo & Company from $22.00 to $21.00 in a report issued on Tuesday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 50.00% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research note on Wednesday, July 3rd. Royal Bank of Canada reissued an “outperform” rating and set a $20.00 price target on shares of Permian Resources in a research report on Monday, August 12th. Bank of America reaffirmed a “buy” rating and issued a $20.00 price target on shares of Permian Resources in a report on Friday, June 14th. The Goldman Sachs Group assumed coverage on shares of Permian Resources in a report on Monday. They set a “buy” rating and a $19.00 price objective for the company. Finally, Wolfe Research began coverage on shares of Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.20.

Permian Resources Stock Up 1.4 %

Shares of NYSE:PR opened at $14.00 on Tuesday. The company has a market capitalization of $11.24 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 0.78 and a beta of 4.33. The company has a 50 day moving average of $14.14 and a two-hundred day moving average of $15.71. Permian Resources has a 52-week low of $12.34 and a 52-week high of $18.28. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.27 EPS. As a group, analysts forecast that Permian Resources will post 1.53 earnings per share for the current fiscal year.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following 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. Insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several large investors have recently added to or reduced their stakes in PR. Vanguard Group Inc. increased its stake in Permian Resources by 69.7% during the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after buying an additional 19,847,358 shares during the period. OnyxPoint Global Management LP bought a new stake in Permian Resources during the fourth quarter worth approximately $114,159,000. Price T Rowe Associates Inc. MD lifted its position in Permian Resources by 480.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after purchasing an additional 5,012,287 shares during the period. Bank of New York Mellon Corp boosted its stake in Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after purchasing an additional 4,497,184 shares in the last quarter. Finally, Merewether Investment Management LP boosted its stake in Permian Resources by 148.1% during the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock valued at $95,292,000 after purchasing an additional 3,522,300 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.