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

Permian Resources (NASDAQ:PR - Free Report) had its price objective boosted by Wells Fargo & Company from $18.00 to $21.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities research analysts also recently weighed in on PR. Susquehanna lifted their target price on Permian Resources from $15.00 to $16.00 and gave the stock a neutral rating in a report on Thursday, February 29th. Bank of America started coverage on shares of Permian Resources in a research report on Friday, January 5th. They set a neutral rating and a $15.00 target price on the stock. Raymond James began coverage on shares of Permian Resources in a report on Tuesday, April 9th. They issued a strong-buy rating and a $24.00 price target for the company. Piper Sandler upped their price objective on shares of Permian Resources from $17.00 to $22.00 and gave the company an overweight rating in a report on Thursday, March 7th. Finally, Stifel Nicolaus raised their target price on Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a research note on Friday, March 22nd. Three research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $19.00.

Permian Resources Trading Down 0.5 %

Shares of NASDAQ PR traded down $0.08 during midday trading on Wednesday, reaching $17.53. The stock had a trading volume of 6,987,631 shares, compared to its average volume of 9,566,038. Permian Resources has a twelve month low of $8.94 and a twelve month high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The company's 50 day moving average price is $16.15 and its 200 day moving average price is $14.48. The firm has a market cap of $13.53 billion, a price-to-earnings ratio of 15.11 and a beta of 4.35.

Permian Resources (NASDAQ:PR - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The business had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.11 billion. As a group, sell-side analysts expect that Permian Resources will post 1.69 EPS for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.14%. The ex-dividend date of this dividend was Tuesday, March 12th. Permian Resources's payout ratio is currently 17.24%.

Insider Buying and Selling

In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company'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 $400,251,949.17. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of Permian Resources 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 sale, the chief accounting officer now owns 1,047,610 shares of the company's stock, valued at $15,337,010.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares of the company's stock, valued at $400,251,949.17. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,916,943 shares of company stock worth $516,796,999. 23.14% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

Institutional investors have recently bought and sold shares of the company. Parallel Advisors LLC increased its stake 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 worth $30,000 after purchasing an additional 1,178 shares in the last quarter. Rise Advisors LLC purchased a new position in Permian Resources in the 1st quarter valued at approximately $32,000. DekaBank Deutsche Girozentrale bought a new stake in Permian Resources during the 4th quarter valued at $33,000. Quarry LP purchased a new stake in shares of Permian Resources during the first quarter worth $33,000. Finally, GAMMA Investing LLC bought a new position in shares of Permian Resources in the fourth quarter worth $43,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

About Permian Resources

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.