Permian Resources (NYSE:PR) Upgraded at Wells Fargo & Company

Permian Resources (NYSE:PR) was upgraded by analysts at Wells Fargo & Company to a “strong-buy” rating in a report released on Wednesday, Zacks reports.

Several other analysts have also weighed in on PR. Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a research note on Thursday, August 13th. Evercore began coverage on Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price target on the stock. Roth Capital set a $23.00 price objective on Permian Resources and gave the company a “buy” rating in a research report on Monday, June 22nd. Truist Financial boosted their target price on shares of Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Finally, Wall Street Zen raised Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Saturday, August 8th. Six 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 company. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $23.65.

Permian Resources Price Performance

Shares of NYSE PR opened at $23.82 on Wednesday. Permian Resources has a fifty-two week low of $11.92 and a fifty-two week high of $24.09. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The firm has a market cap of $19.95 billion, a PE ratio of 15.78 and a beta of 0.49. The business has a 50 day moving average price of $20.81 and a two-hundred day moving average price of $20.12.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm’s quarterly revenue was up 55.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.28 earnings per share. Sell-side analysts expect that Permian Resources will post 2.24 earnings per share for the current fiscal year.

Institutional Trading of Permian Resources

Institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after acquiring an additional 4,533,732 shares during the period. Bank of New York Mellon Corp lifted its stake in Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after purchasing an additional 13,483,136 shares during the last quarter. State Street Corp boosted its holdings in Permian Resources by 2.0% during the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after buying an additional 460,158 shares in the last quarter. Wellington Management Group LLP grew its position in Permian Resources by 3.9% in the second quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock worth $371,074,000 after buying an additional 763,059 shares during the last quarter. Finally, Boston Partners increased its holdings in shares of Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after buying an additional 7,503,654 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

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.