Permian Resources (NASDAQ:PR) PT Raised to $21.00 at Wells Fargo & Company

Permian Resources (NASDAQ:PR) had its price target boosted by analysts at Wells Fargo & Company from $18.00 to $21.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential upside of 20.00% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Benchmark boosted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Piper Sandler boosted their target price on Permian Resources from $17.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, March 7th. Citigroup increased their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Raymond James initiated coverage on Permian Resources in a report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price objective on the stock. Finally, Mizuho lifted their price target on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Permian Resources Stock Performance

Shares of PR traded down $0.11 during mid-day trading on Wednesday, hitting $17.50. 4,218,811 shares of the company’s stock were exchanged, compared to its average volume of 9,521,063. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The firm has a market cap of $13.51 billion, a price-to-earnings ratio of 15.09 and a beta of 4.35. The stock’s 50-day simple moving average is $16.15 and its 200-day simple moving average is $14.48. Permian Resources has a 52 week low of $8.94 and a 52 week high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. On average, equities research analysts expect that Permian Resources will post 1.69 EPS for the current year.

Insider Buying and Selling at Permian Resources

In related news, CAO Brent P. Jensen sold 1,853 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Brent P. Jensen sold 1,853 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director William J. Quinn sold 18,076,849 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $15.71, for a total value of $283,987,297.79. Following the transaction, the director now owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,916,943 shares of company stock worth $516,796,999. 23.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parallel Advisors LLC lifted its position in Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after buying an additional 1,178 shares during the last quarter. Rise Advisors LLC purchased a new stake in shares of Permian Resources during the first quarter valued at approximately $32,000. DekaBank Deutsche Girozentrale purchased a new position in shares of Permian Resources in the fourth quarter valued at about $33,000. Quarry LP bought a new position in shares of Permian Resources during the first quarter valued at about $33,000. Finally, GAMMA Investing LLC bought a new stake in shares of Permian Resources in the fourth quarter worth about $43,000. 91.84% of the stock is 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.