Permian Resources (NYSE:PR) Stock Price Target Raised at Wells Fargo & Company

Key Points

• Wells Fargo raised its price target for Permian Resources to $28 from $27 and maintained an “overweight” rating, implying 25.48% upside from the stock’s current price.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and an average price target of $26.67, with five Strong Buy and fifteen Buy ratings.
• Permian Resources beat quarterly earnings and revenue expectations, reporting EPS of $0.69 versus $0.61 expected and revenue of $1.96 billion, up 48.1% year over year.

Permian Resources (NYSE:PR - Get Free Report) had its target price raised by equities researchers at Wells Fargo & Company from $27.00 to $28.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 25.48% from the company's current price.

Other analysts also recently issued reports about the company. Zacks Research upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 6th. Wall Street Zen cut Permian Resources from a "strong-buy" rating to a "buy" rating in a research report on Saturday, November 7th. Truist Financial lifted their target price on Permian Resources from $24.00 to $28.00 and gave the stock a "buy" rating in a report on Monday, October 12th. Weiss Ratings raised Permian Resources from a "buy (b)" rating to a "buy (b+)" rating in a report on Thursday, October 8th. Finally, Citigroup boosted their target price on shares of Permian Resources from $24.00 to $28.00 and gave the company a "buy" rating in a research report on Monday, October 12th. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $26.67.

Permian Resources Stock Up 2.7%

Permian Resources stock opened at $22.32 on Thursday. The stock has a market cap of $18.69 billion, a P/E ratio of 11.62 and a beta of 0.62. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.22. Permian Resources has a twelve month low of $13.18 and a twelve month high of $26.07. The company's 50-day moving average price is $23.28 and its two-hundred day moving average price is $20.64.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.08. Permian Resources had a return on equity of 15.56% and a net margin of 25.04%. The company had revenue of $1.96 billion during the quarter, compared to analysts' expectations of $1.78 billion. During the same quarter in the previous year, the company posted $0.08 earnings per share. The business's revenue was up 48.1% on a year-over-year basis. As a group, analysts expect that Permian Resources will post 2.62 EPS for the current year.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Bell sold 5,492 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $130,435.00. Following the sale, the executive vice president owned 1,561,680 shares in the company, valued at $37,089,900. This trade represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the business's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the sale, the executive vice president directly owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. The trade was a 0.38% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of PR. Tidal Investments LLC raised its position in Permian Resources by 60.0% in the second quarter. Tidal Investments LLC now owns 385,843 shares of the company's stock valued at $7,103,000 after purchasing an additional 144,704 shares during the last quarter. Readystate Asset Management LP boosted its stake in shares of Permian Resources by 155.2% during the second quarter. Readystate Asset Management LP now owns 496,281 shares of the company's stock valued at $9,137,000 after purchasing an additional 301,791 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Permian Resources by 1.8% during the first quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company's stock valued at $100,911,000 after purchasing an additional 85,509 shares in the last quarter. Sanctuary Advisors LLC grew its holdings in shares of Permian Resources by 35.3% during the first quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company's stock worth $4,073,000 after purchasing an additional 49,798 shares during the last quarter. Finally, Ninepoint Partners LP bought a new stake in shares of Permian Resources during the second quarter worth about $6,444,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico. The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.

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