Wells Fargo & Company Boosts Permian Resources (NASDAQ:PR) Price Target to $21.00

Permian Resources (NASDAQ:PR) had its price target boosted by equities researchers at Wells Fargo & Company from $18.00 to $21.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 20.00% from the company’s previous close.

PR has been the topic of several other research reports. 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. Truist Financial dropped their price target on shares of Permian Resources from $24.00 to $22.00 and set a “buy” rating for the company in a research note on Friday, April 5th. Stifel Nicolaus upped their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Susquehanna raised their target price on Permian Resources from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Finally, Citigroup lifted their target price on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Permian Resources Price Performance

NASDAQ PR traded down $0.11 during mid-day trading on Wednesday, hitting $17.50. The stock had a trading volume of 4,218,811 shares, compared to its average volume of 9,521,063. The stock has a market capitalization of $13.51 billion, a price-to-earnings ratio of 15.09 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. Permian Resources has a twelve month low of $8.94 and a twelve month high of $18.28. The firm’s 50 day moving average is $16.15 and its 200 day moving average is $14.48.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Equities research analysts forecast that Permian Resources will post 1.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the transaction, the insider now directly owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now directly owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock worth $516,796,999 in the last 90 days. Company insiders own 23.14% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Permian Resources during the fourth quarter worth about $353,683,000. Vanguard Group Inc. increased its holdings in shares of Permian Resources by 69.7% during the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after buying an additional 19,847,358 shares during the last quarter. Post Oak Energy Holdings LLC raised its position in shares of Permian Resources by 329.5% in the 4th quarter. Post Oak Energy Holdings LLC now owns 21,048,630 shares of the company’s stock worth $286,261,000 after buying an additional 16,147,789 shares during the period. State Street Corp acquired a new position in Permian Resources in the third quarter valued at $100,979,000. Finally, OnyxPoint Global Management LP purchased a new stake in Permian Resources during the fourth quarter valued at about $114,159,000. Institutional investors and hedge funds 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.