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

Permian Resources (NYSE:PR) had its price objective raised by analysts at Wells Fargo & Company from $17.00 to $21.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 7.66% from the company’s previous close.

A number of other brokerages have also weighed in on PR. Piper Sandler raised their price objective on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday. Citigroup lifted their price target on shares of Permian Resources from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Susquehanna reduced their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a research note on Monday, January 26th. Bank of America reissued a “neutral” rating and issued a $16.00 target price (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Finally, Weiss Ratings upgraded Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday, March 6th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.75.

Permian Resources Stock Up 0.8%

PR traded up $0.16 during trading hours on Monday, reaching $19.51. 838,775 shares of the stock traded hands, compared to its average volume of 12,411,696. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $19.64. The company has a market cap of $16.18 billion, a price-to-earnings ratio of 15.57 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The firm’s fifty day simple moving average is $16.49 and its two-hundred day simple moving average is $14.58.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. During the same quarter in the previous year, the business posted $0.36 EPS. The firm’s revenue was down 9.8% compared to the same quarter last year. As a group, analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 158,385 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total value of $2,912,700.15. Following the sale, the executive vice president owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. This trade represents a 9.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Guy M. Oliphint sold 172,904 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $2,356,681.52. Following the transaction, the executive vice president owned 616,683 shares of the company’s stock, valued at $8,405,389.29. This represents a 21.90% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 4,765,093 shares of company stock valued at $77,807,101 over the last ninety days. Insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Permian Resources by 4.0% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock valued at $224,000 after purchasing an additional 607 shares during the period. Waterloo Capital L.P. increased its position in Permian Resources by 3.1% in the 4th quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock valued at $305,000 after acquiring an additional 657 shares during the period. Kingswood Wealth Advisors LLC boosted its position in Permian Resources by 5.4% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company’s stock worth $192,000 after acquiring an additional 706 shares during the period. Curated Wealth Partners LLC boosted its position in Permian Resources by 1.1% during the 4th quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock worth $991,000 after acquiring an additional 747 shares during the period. Finally, Chilton Capital Management LLC grew its stake in shares of Permian Resources by 3.5% in the third quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock worth $303,000 after purchasing an additional 800 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.