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

Permian Resources (NASDAQ:PR) had its price target lifted by equities research analysts at Wells Fargo & Company from $18.00 to $21.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target points to a potential upside of 22.16% from the stock’s current price.

A number of other brokerages have also recently weighed in on PR. Benchmark boosted their price target on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Susquehanna boosted their price target on shares of Permian Resources from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Piper Sandler boosted their price target on shares of Permian Resources from $17.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, March 7th. Mizuho boosted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Monday. Finally, Raymond James initiated coverage on shares of Permian Resources in a research report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price target for the company. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Permian Resources Stock Performance

NASDAQ:PR opened at $17.19 on Wednesday. The company has a fifty day simple moving average of $16.31 and a two-hundred day simple moving average of $14.52. The company has a market cap of $13.27 billion, a price-to-earnings ratio of 13.29 and a beta of 4.35. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources has a 52 week low of $8.94 and a 52 week high of $18.28.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. The business 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%. As a group, equities analysts anticipate that Permian Resources will post 1.71 earnings per share for the current fiscal year.

Insider Transactions at Permian Resources

In other news, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Permian Resources news, CEO William M. Hickey III sold 4,000,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $62,840,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock worth $516,796,999 over the last ninety days. 23.14% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC lifted its holdings in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares in the last quarter. Rise Advisors LLC purchased a new stake in shares of Permian Resources in the first quarter valued at about $32,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Permian Resources in the fourth quarter valued at about $33,000. Quarry LP purchased a new stake in shares of Permian Resources in the first quarter valued at about $33,000. Finally, GAMMA Investing LLC purchased a new stake in shares of Permian Resources in the fourth quarter valued at about $43,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.