Permian Resources (NYSE:PR) Price Target Lowered to $20.00 at Wells Fargo & Company

Permian Resources (NYSE:PR) had its price target lowered by Wells Fargo & Company from $21.00 to $20.00 in a report released on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other brokerages have also weighed in on PR. Royal Bank of Canada lifted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company an “outperform” rating in a report on Friday, May 16th. Susquehanna decreased their price target on shares of Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. JPMorgan Chase & Co. decreased their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Piper Sandler dropped their price target on Permian Resources from $20.00 to $19.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 13th. One analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and an average target price of $18.50.

Permian Resources Stock Down 1.7%

Shares of NYSE:PR opened at $14.67 on Monday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The business has a 50 day simple moving average of $12.69 and a two-hundred day simple moving average of $13.65. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.95. The firm has a market capitalization of $11.79 billion, a PE ratio of 8.89, a price-to-earnings-growth ratio of 4.05 and a beta of 1.24.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business had revenue of $1.38 billion during the quarter, compared to the consensus estimate of $1.37 billion. During the same period last year, the company earned $0.25 EPS. The business’s revenue was up 10.7% compared to the same quarter last year. On average, equities analysts predict that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 16th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.09%. Permian Resources’s dividend payout ratio is presently 37.04%.

Institutional Investors Weigh In On Permian Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of PR. Vanguard Group Inc. lifted its holdings in shares of Permian Resources by 1.3% during the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock valued at $944,487,000 after purchasing an additional 870,622 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Permian Resources by 60.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $469,856,000 after buying an additional 12,306,854 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources in the fourth quarter valued at about $431,676,000. Massachusetts Financial Services Co. MA boosted its holdings in Permian Resources by 1.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock worth $265,209,000 after acquiring an additional 291,444 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Permian Resources by 19.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock worth $195,276,000 after purchasing an additional 2,286,363 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.