Permian Resources (NYSE:PR) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Permian Resources (NYSE:PR) had its target price boosted by Wells Fargo & Company from $27.00 to $28.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 25.48% from the company’s previous close.

Several other brokerages have also issued reports on PR. UBS Group raised their target price on Permian Resources from $24.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, September 14th. Weiss Ratings upgraded Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. KeyCorp raised their price objective on Permian Resources from $25.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 15th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $27.00 target price on shares of Permian Resources in a report on Thursday, September 24th. Finally, Susquehanna increased their target price on shares of Permian Resources from $25.00 to $30.00 and gave the company a “positive” rating in a research report on Tuesday, October 20th. Five equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Buy” and an average target price of $26.67.

Permian Resources Price Performance

PR stock opened at $22.32 on Thursday. The company has a fifty day moving average price of $23.28 and a 200-day moving average price of $20.64. The company has a market capitalization of $18.69 billion, a P/E ratio of 11.62 and a beta of 0.62. Permian Resources has a 52-week low of $13.18 and a 52-week high of $26.07. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.50 and a current ratio of 0.50.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Permian Resources had a net margin of 25.04% and a return on equity of 15.56%. The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter in the previous year, the business earned $0.08 earnings per share. Permian Resources’s revenue was up 48.1% compared to the same quarter last year. As a group, equities analysts expect that Permian Resources will post 2.62 EPS for the current year.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP Robert Shannon sold 5,104 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the transaction, the executive vice president directly owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. This represents a 0.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $130,435.00. Following the sale, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

Several hedge funds have recently modified their holdings of the stock. Resona Asset Management Co. Ltd. acquired a new position in shares of Permian Resources during the 3rd quarter valued at $201,000. Whittier Trust Co. grew its stake in Permian Resources by 0.9% in the third quarter. Whittier Trust Co. now owns 610,205 shares of the company’s stock valued at $14,053,000 after acquiring an additional 5,172 shares during the period. Advisors Asset Management Inc. bought a new stake in shares of Permian Resources during the third quarter valued at approximately $1,069,000. Private Wealth Asset Management LLC bought a new stake in shares of Permian Resources during the third quarter valued at approximately $333,000. Finally, Ieq Capital LLC raised its position in shares of Permian Resources by 63.0% during the third quarter. Ieq Capital LLC now owns 244,186 shares of the company’s stock worth $5,157,000 after purchasing an additional 94,382 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico. The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.