Wells Fargo & Company Raises Permian Resources (NASDAQ:PR) Price Target to $21.00

Permian Resources (NASDAQ:PR) had its price target hoisted 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 indicates a potential upside of 22.16% from the company’s previous close.

Several other equities analysts have also recently issued reports on the stock. Benchmark lifted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. Bank of America started coverage on shares of Permian Resources in a research note on Friday, January 5th. They issued a “neutral” rating and a $15.00 price objective on the stock. Mizuho lifted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday. JPMorgan Chase & Co. lifted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, April 12th. Finally, Susquehanna lifted their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $19.00.

Permian Resources Stock Down 2.0 %

Permian Resources stock opened at $17.19 on Wednesday. The stock has a market cap of $13.27 billion, a price-to-earnings ratio of 13.29 and a beta of 4.35. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. The company’s 50-day moving average price is $16.31 and its two-hundred day moving average price is $14.52. Permian Resources has a 52 week low of $8.94 and a 52 week high of $18.28.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, analysts expect that Permian Resources will post 1.71 EPS for the current fiscal year.

Insider Buying and Selling

In other Permian Resources news, CEO William M. Hickey III sold 4,000,000 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $62,840,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at $15,457,119.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO William M. Hickey III sold 4,000,000 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $62,840,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,916,943 shares of company stock worth $516,796,999. 23.14% of the stock is owned by company insiders.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently modified their holdings of PR. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Permian Resources in the fourth quarter valued at approximately $353,683,000. Vanguard Group Inc. raised its position in shares of Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after purchasing an additional 19,847,358 shares during the period. Post Oak Energy Holdings LLC raised its position in shares of Permian Resources by 329.5% in the fourth quarter. Post Oak Energy Holdings LLC now owns 21,048,630 shares of the company’s stock valued at $286,261,000 after purchasing an additional 16,147,789 shares during the period. State Street Corp bought a new position in shares of Permian Resources in the third quarter valued at approximately $100,979,000. Finally, OnyxPoint Global Management LP bought a new position in shares of Permian Resources in the fourth quarter valued at approximately $114,159,000. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.