Permian Resources (NYSE:PR) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Permian Resources (NYSE:PR) had its target price raised by analysts at Wells Fargo & Company from $21.00 to $27.00 in a report released on Friday, MarketBeat reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 30.66% from the stock’s current price.

Several other research firms also recently issued reports on PR. UBS Group increased their price objective on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Citigroup boosted their price objective on Permian Resources from $21.00 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, March 31st. Susquehanna cut their price objective on Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research note on Monday, January 26th. Piper Sandler boosted their price objective on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research note on Thursday, March 12th. Finally, Zacks Research upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Friday, March 27th. Five equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $22.06.

Permian Resources Stock Up 1.4%

Permian Resources stock opened at $20.67 on Friday. The stock has a market capitalization of $17.28 billion, a PE ratio of 16.53, a price-to-earnings-growth ratio of 2.85 and a beta of 0.56. Permian Resources has a 12 month low of $10.38 and a 12 month high of $21.99. The business has a 50 day simple moving average of $18.93 and a 200-day simple moving average of $15.53. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The company’s revenue was down 9.8% compared to the same quarter last year. During the same period last year, the firm posted $0.36 earnings per share. On average, analysts anticipate that Permian Resources will post 1.45 EPS for the current fiscal year.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 4,999 shares of the company’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.28, for a total transaction of $91,381.72. Following the completion of the sale, the executive vice president owned 605,272 shares of the company’s stock, valued at approximately $11,064,372.16. This represents a 0.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William J. Quinn sold 512,429 shares of the company’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the sale, the director directly owned 6,914,410 shares of the company’s stock, valued at approximately $135,453,291.90. This represents a 6.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 3,130,066 shares of company stock worth $58,837,655 in the last 90 days. 6.44% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC lifted its position in Permian Resources by 114.1% during the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after buying an additional 1,047 shares in the last quarter. SHP Wealth Management purchased a new stake in shares of Permian Resources in the fourth quarter valued at about $27,000. Los Angeles Capital Management LLC purchased a new stake in shares of Permian Resources in the fourth quarter valued at about $39,000. State of Wyoming grew its holdings in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in shares of Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after purchasing an additional 3,224 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.