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

Permian Resources (NYSE:PR) had its target price cut by analysts at Wells Fargo & Company from $22.00 to $21.00 in a research report issued on Tuesday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 52.51% from the company’s current price.

Several other equities analysts have also recently issued reports on PR. Wolfe Research assumed coverage on Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial decreased their target price on Permian Resources from $22.00 to $18.00 and set a “buy” rating for the company in a research note on Monday. Royal Bank of Canada restated an “outperform” rating and set a $20.00 target price on shares of Permian Resources in a research note on Monday, August 12th. Benchmark restated a “buy” rating and set a $17.00 target price on shares of Permian Resources in a research note on Wednesday, August 7th. Finally, Citigroup cut their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $19.20.

Permian Resources Trading Up 1.2 %

Shares of NYSE:PR traded up $0.16 during midday trading on Tuesday, reaching $13.77. 12,016,378 shares of the company’s stock were exchanged, compared to its average volume of 10,092,101. The firm’s 50 day simple moving average is $14.20 and its two-hundred day simple moving average is $15.74. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market cap of $11.05 billion, a price-to-earnings ratio of 12.53, a P/E/G ratio of 0.78 and a beta of 4.33. Permian Resources has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources (NYSE:PR) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period last year, the business posted $0.27 EPS. Permian Resources’s revenue for the quarter was up 99.9% on a year-over-year basis. As a group, sell-side analysts forecast that Permian Resources will post 1.53 EPS for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Permian Resources

Large investors have recently modified their holdings of the company. DRW Securities LLC purchased a new position in shares of Permian Resources in the 4th quarter worth about $1,904,000. American International Group Inc. raised its holdings in shares of Permian Resources by 10.4% during the 1st quarter. American International Group Inc. now owns 830,432 shares of the company’s stock valued at $14,665,000 after buying an additional 78,146 shares during the period. Retirement Systems of Alabama raised its holdings in shares of Permian Resources by 22.4% during the 1st quarter. Retirement Systems of Alabama now owns 577,336 shares of the company’s stock valued at $10,196,000 after buying an additional 105,565 shares during the period. Vanguard Group Inc. raised its holdings in shares of 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. Finally, Castleark Management LLC raised its holdings in shares of Permian Resources by 370.0% during the 1st quarter. Castleark Management LLC now owns 96,160 shares of the company’s stock valued at $1,698,000 after buying an additional 75,700 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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.