Wells Fargo & Company Issues Pessimistic Forecast for Permian Resources (NYSE:PR) Stock Price

Key Points

• Wells Fargo cut its Permian Resources price target from $28 to $27 but maintained an “overweight” rating; the new target implies 26.42% upside from the stock’s current price.
• Analyst sentiment remains broadly positive: MarketBeat reports an average “Buy” rating and a $26.61 average price target, with five Strong Buy and fifteen Buy ratings.
• Permian Resources beat quarterly estimates, reporting EPS of $0.69 versus $0.61 expected and revenue of $1.96 billion versus $1.78 billion; revenue rose 48.1% year over year.

Permian Resources (NYSE:PR - Get Free Report) had its price target reduced by investment analysts at Wells Fargo & Company from $28.00 to $27.00 in a report issued on Friday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 26.42% from the stock's current price.

Other research analysts have also issued reports about the stock. KeyCorp increased their price target on shares of Permian Resources from $25.00 to $28.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 15th. Scotiabank started coverage on shares of Permian Resources in a research note on Wednesday, October 14th. They set a "sector outperform" rating and a $29.00 price objective on the stock. Truist Financial upped their price objective on shares of Permian Resources from $24.00 to $28.00 and gave the stock a "buy" rating in a report on Monday, October 12th. Wall Street Zen upgraded shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 8th. Finally, Zacks Research raised Permian Resources from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 6th. Five investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $26.61.

Permian Resources Trading Down 4.8%

NYSE PR opened at $21.36 on Friday. The firm has a market capitalization of $17.89 billion, a PE ratio of 11.12 and a beta of 0.62. The stock's 50 day moving average is $23.39 and its 200 day moving average is $20.50. Permian Resources has a twelve month low of $12.32 and a twelve month high of $26.07. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25.

Permian Resources (NYSE:PR - Get Free Report) last posted 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. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.78 billion. Permian Resources had a return on equity of 15.79% and a net margin of 25.04%. The firm's quarterly revenue was up 48.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.08 earnings per share. Research analysts forecast that Permian Resources will post 2.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Permian Resources news, EVP Robert Shannon sold 5,104 shares of the business's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the stock in a transaction 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 transaction, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. The trade was a 0.35% decrease in their ownership of the stock. 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. In the last quarter, insiders sold 15,699 shares of company stock valued at $372,851. Company insiders own 5.00% of the company's stock.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently made changes to their positions in PR. Wellington Management Group LLP increased its holdings in shares of 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 purchasing an additional 763,059 shares during the last quarter. Jennison Associates LLC boosted its stake in Permian Resources by 63.1% during the first quarter. Jennison Associates LLC now owns 6,230,034 shares of the company's stock valued at $132,824,000 after buying an additional 2,411,292 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Permian Resources during the first quarter valued at approximately $121,041,000. First Trust Advisors LP boosted its stake in Permian Resources by 66.6% during the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company's stock valued at $118,636,000 after buying an additional 2,224,560 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in Permian Resources by 1.8% during the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company's stock valued at $100,911,000 after buying an additional 85,509 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company's production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.

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