Permian Resources (NYSE:PR) Stock Price Target Lowered at Wells Fargo & Company

Permian Resources (NYSE:PR) had its price objective decreased by investment analysts at Wells Fargo & Company from $28.00 to $27.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would suggest a potential upside of 26.42% from the company’s current price.

A number of other research analysts also recently commented on PR. Seaport Research Partners started coverage on shares of Permian Resources in a report on Thursday, September 3rd. They issued a “buy” rating and a $29.00 price target for the company. Scotiabank started coverage on Permian Resources in a research note on Wednesday, October 14th. They set a “sector outperform” rating and a $29.00 price objective on the stock. UBS Group upped their price objective on Permian Resources from $24.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, September 14th. Citigroup raised their price objective on Permian Resources from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, October 12th. Finally, Susquehanna raised their price objective on Permian Resources from $25.00 to $30.00 and gave the company a “positive” rating in a research note on Tuesday, October 20th. Five research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Permian Resources presently has a consensus rating of “Buy” and an average price target of $26.61.

Permian Resources Price Performance

PR stock opened at $21.36 on Friday. Permian Resources has a 52 week low of $12.32 and a 52 week high of $26.07. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The company has a fifty day simple moving average of $23.39 and a two-hundred day simple moving average of $20.50. The firm has a market capitalization of $17.89 billion, a P/E ratio of 11.12 and a beta of 0.62.

Permian Resources (NYSE:PR) last issued its quarterly earnings data 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 15.79%. The business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same period last year, the company posted $0.08 EPS. The business’s revenue was up 48.1% on a year-over-year basis. Analysts anticipate that Permian Resources will post 2.46 earnings per share for the current fiscal year.

Insider Transactions at Permian Resources

In other 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 value of $121,220.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy Oliphint sold 5,103 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 value of $121,196.25. Following the sale, the executive vice president directly owned 537,400 shares of the company’s stock, valued at $12,763,250. This represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 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 worth $372,851. 5.00% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

A number of large investors have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership purchased a new position in Permian Resources in the 1st quarter worth about $121,041,000. Jennison Associates LLC lifted its holdings in Permian Resources by 63.1% during the 1st quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock valued at $132,824,000 after buying an additional 2,411,292 shares in the last quarter. First Trust Advisors LP boosted its position in Permian Resources by 66.6% in the 1st quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock valued at $118,636,000 after buying an additional 2,224,560 shares during the period. Encompass Capital Advisors LLC purchased a new stake in Permian Resources in the 1st quarter valued at about $34,065,000. Finally, Goehring & Rozencwajg Associates LLC grew its stake in Permian Resources by 304.0% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 1,814,700 shares of the company’s stock worth $38,689,000 after acquiring an additional 1,365,465 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.