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

Permian Resources (NASDAQ:PR) had its price target boosted by Wells Fargo & Company from $18.00 to $21.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities research analysts also recently weighed in on PR. Piper Sandler boosted their target price on shares of Permian Resources from $17.00 to $22.00 and gave the stock an overweight rating in a research report on Thursday, March 7th. Mizuho lifted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a report on Monday. Royal Bank of Canada reaffirmed an outperform rating and issued a $17.00 price target on shares of Permian Resources in a report on Friday, April 12th. Citigroup lifted their price target on shares of Permian Resources from $17.00 to $19.00 and gave the company a buy rating in a report on Friday, March 1st. Finally, Stifel Nicolaus lifted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a report on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Permian Resources presently has an average rating of Moderate Buy and an average target price of $19.00.

Permian Resources Price Performance

PR opened at $17.53 on Wednesday. The company has a 50-day moving average of $16.24 and a 200-day moving average of $14.51. The company has a market capitalization of $13.53 billion, a P/E ratio of 13.34 and a beta of 4.35. Permian Resources has a 1-year low of $8.94 and a 1-year high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52.

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

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s payout ratio is 17.24%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the transaction, the director now directly owns 71,056,620 shares of the company’s stock, valued at approximately $1,116,299,500.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the business’s stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the sale, the director now directly owns 71,056,620 shares in the company, valued at approximately $1,116,299,500.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the sale, the insider now owns 25,477,527 shares in the company, valued at $400,251,949.17. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 in the last ninety days. Company insiders own 23.14% of the company’s stock.

Institutional Trading of Permian Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. First Dallas Securities Inc. raised its position in shares of Permian Resources by 7.1% during the 1st quarter. First Dallas Securities Inc. now owns 39,510 shares of the company’s stock worth $698,000 after buying an additional 2,620 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Permian Resources by 62.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 151,415 shares of the company’s stock worth $2,674,000 after purchasing an additional 58,090 shares in the last quarter. Sanders Morris Harris LLC bought a new stake in shares of Permian Resources in the 1st quarter worth approximately $3,984,000. Park Avenue Securities LLC bought a new stake in shares of Permian Resources in the 1st quarter worth approximately $236,000. Finally, Polianta Ltd bought a new stake in shares of Permian Resources in the 1st quarter worth approximately $1,207,000. 91.84% of the stock is currently owned by 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.