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

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

A number of other equities research analysts have also issued reports on the company. Mizuho cut their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. BMO Capital Markets raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Wednesday, July 3rd. Benchmark reaffirmed a “buy” rating and set a $17.00 target price on shares of Permian Resources in a research report on Wednesday, August 7th. Truist Financial cut their target price on Permian Resources from $22.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday. Finally, Citigroup cut their target price 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 assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.20.

Permian Resources Price Performance

Shares of PR traded up $0.16 during midday trading on Tuesday, reaching $13.77. The stock had a trading volume of 12,016,378 shares, compared to its average volume of 10,092,101. Permian Resources has a 52 week low of $12.34 and a 52 week high of $18.28. 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 firm’s 50 day moving average price is $14.20 and its 200-day moving average price is $15.74. The company has a market capitalization of $11.05 billion, a P/E ratio of 12.53, a P/E/G ratio of 0.78 and a beta of 4.33.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the previous year, the business earned $0.27 EPS. The company’s quarterly revenue was up 99.9% compared to the same quarter last year. On average, analysts forecast that Permian Resources will post 1.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the business’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 transaction, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction dated 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 sale, 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 filing with the SEC, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’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 $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several large investors have recently made changes to their positions in PR. YHB Investment Advisors Inc. acquired a new position in shares of Permian Resources during the 1st quarter worth about $26,000. Parallel Advisors LLC raised its holdings in Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after acquiring an additional 1,178 shares in the last quarter. Innealta Capital LLC acquired a new position in Permian Resources in the 2nd quarter valued at approximately $30,000. Rise Advisors LLC acquired a new position in Permian Resources in the 1st quarter valued at approximately $32,000. Finally, Transcendent Capital Group LLC acquired a new position in Permian Resources in the 1st quarter valued at approximately $36,000. 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.