Wells Fargo & Company Begins Coverage on Permian Resources (NASDAQ:PR)

Wells Fargo & Company assumed coverage on shares of Permian Resources (NASDAQ:PR) in a report released on Wednesday morning, MarketBeat reports. The brokerage issued an overweight rating and a $17.00 target price on the stock.

A number of other analysts have also recently commented on the stock. Capital One Financial restated an overweight rating on shares of Permian Resources in a research report on Monday, September 18th. Benchmark upped their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a buy rating in a research report on Wednesday, October 18th. Susquehanna lowered their price objective on shares of Permian Resources from $16.00 to $15.00 and set a neutral rating for the company in a research report on Thursday, November 9th. UBS Group upped their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the company a neutral rating in a research report on Wednesday, October 4th. Finally, Truist Financial upped their price objective on shares of Permian Resources from $18.00 to $19.00 and gave the company a buy rating in a research report on Thursday, September 21st. Two investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $16.31.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $13.26 on Wednesday. The firm has a fifty day moving average of $13.97 and a two-hundred day moving average of $12.15. The stock has a market capitalization of $7.50 billion, a price-to-earnings ratio of 14.57 and a beta of 4.47. Permian Resources has a 52 week low of $8.43 and a 52 week high of $15.49. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.74 and a current ratio of 0.74.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Investors of record on Monday, November 20th will be paid a $0.05 dividend. The ex-dividend date is Friday, November 17th. This represents a $0.20 annualized dividend and a yield of 1.51%. Permian Resources’s dividend payout ratio (DPR) is currently 21.98%.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 4,588 shares of the firm’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $14.84, for a total value of $68,085.92. Following the completion of the sale, the executive vice president now directly owns 53,517 shares in the company, valued at approximately $794,192.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Permian Resources news, CAO Brent P. Jensen sold 171,817 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $14.83, for a total value of $2,548,046.11. Following the transaction, the chief accounting officer now directly owns 1,274,114 shares of the company’s stock, valued at approximately $18,895,110.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP John Charles Bell sold 4,588 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $14.84, for a total transaction of $68,085.92. Following the completion of the transaction, the executive vice president now directly owns 53,517 shares in the company, valued at $794,192.28. The disclosure for this sale can be found here. In the last ninety days, insiders sold 24,851,987 shares of company stock worth $315,762,280. Insiders own 23.14% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PR. Envestnet Asset Management Inc. bought a new position in shares of Permian Resources during the third quarter worth approximately $1,053,000. Macquarie Group Ltd. bought a new position in shares of Permian Resources during the third quarter worth approximately $105,000. Bank of New York Mellon Corp bought a new position in shares of Permian Resources during the third quarter worth approximately $8,153,000. Ensign Peak Advisors Inc bought a new position in shares of Permian Resources during the third quarter worth approximately $233,000. Finally, Price T Rowe Associates Inc. MD bought a new position in Permian Resources in the third quarter valued at approximately $669,000. 53.49% of the stock is owned by institutional investors.

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. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks in Reeves County, West Texas and Lea County, New Mexico.