Wells Fargo & Company Has Lowered Expectations for Permian Resources (NYSE:PR) Stock Price

Permian Resources (NYSE:PR) had its price target cut by research analysts at Wells Fargo & Company from $21.00 to $16.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 30.27% from the company’s previous close.

Several other equities research analysts also recently issued reports on PR. Mizuho dropped their price target on shares of Permian Resources from $20.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Susquehanna lifted their price target on shares of Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a report on Wednesday, July 23rd. Raymond James Financial reduced their target price on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a research note on Tuesday, September 2nd. Morgan Stanley boosted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Permian Resources in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $18.67.

Permian Resources Stock Up 1.6%

Shares of NYSE PR opened at $12.28 on Friday. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.33. The firm’s 50 day moving average price is $13.36 and its 200 day moving average price is $13.19. The firm has a market cap of $9.83 billion, a P/E ratio of 7.98 and a beta of 1.32. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.27. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. Permian Resources’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter last year, the business earned $0.39 EPS. As a group, sell-side analysts anticipate that Permian Resources will post 1.45 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 4,743 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president directly owned 107,569 shares of the company’s stock, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the sale, the executive vice president directly owned 91,805 shares of the company’s stock, valued at approximately $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.44% of the company’s stock.

Institutional Trading of Permian Resources

Hedge funds and other institutional investors have recently made changes to their positions in the business. OneDigital Investment Advisors LLC raised its holdings in shares of Permian Resources by 19.2% in the 1st quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company’s stock worth $267,000 after purchasing an additional 3,107 shares in the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Permian Resources by 12.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company’s stock worth $444,000 after purchasing an additional 3,547 shares in the last quarter. Crossmark Global Holdings Inc. raised its holdings in shares of Permian Resources by 8.5% in the 1st quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company’s stock worth $393,000 after purchasing an additional 2,215 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Permian Resources by 27.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company’s stock worth $425,000 after purchasing an additional 6,600 shares in the last quarter. Finally, Vontobel Holding Ltd. bought a new stake in shares of Permian Resources in the 1st quarter worth approximately $174,000. 91.84% of the stock is currently 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. 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.