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

Permian Resources (NYSE:PR) had its price target hoisted by stock analysts at Wells Fargo & Company from $20.00 to $21.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential upside of 55.04% from the stock’s current price.

Several other research analysts also recently commented on the stock. Royal Bank Of Canada lifted their price target on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “outperform” rating in a research note on Friday, May 16th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $23.00 target price (up from $20.00) on shares of Permian Resources in a research note on Monday, May 19th. The Goldman Sachs Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a research note on Friday, May 16th. Susquehanna lifted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock a “positive” rating in a research note on Wednesday, July 23rd. Finally, TD Cowen raised shares of Permian Resources to a “strong-buy” rating in a research note on Monday, July 7th. Two equities research analysts have rated the stock with a sell rating, twelve have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $18.53.

Permian Resources Price Performance

PR stock opened at $13.55 on Wednesday. The firm has a 50 day moving average of $13.91 and a 200-day moving average of $13.38. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.33. The firm has a market capitalization of $10.88 billion, a P/E ratio of 8.80 and a beta of 1.32.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.27. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. Permian Resources’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period last year, the firm posted $0.39 earnings per share. As a group, sell-side analysts predict that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Institutional Trading of Permian Resources

A number of hedge funds have recently modified their holdings of PR. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in shares of Permian Resources during the 4th quarter valued at $431,676,000. Nuveen LLC bought a new stake in shares of Permian Resources during the 1st quarter valued at $175,525,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $469,856,000 after buying an additional 12,306,854 shares in the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Permian Resources by 86.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock valued at $326,380,000 after buying an additional 11,133,354 shares in the last quarter. Finally, Boston Partners bought a new stake in shares of Permian Resources during the 2nd quarter valued at $134,119,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

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.