Permian Resources (NYSE:PR) Price Target Cut to $16.00 by Analysts at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered the price target for Permian Resources from $21.00 to $16.00, indicating a potential upside of 32.56% from its previous close.
• Permian Resources currently holds an average rating of "Buy" among analysts, with a consensus target price of $18.67.
• Insider transactions have seen executives selling shares at an average price around $14.21, leading to slight decreases in their positions.

Permian Resources (NYSE:PR - Get Free Report) had its price objective dropped by equities research analysts at Wells Fargo & Company from $21.00 to $16.00 in a report issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's target price would indicate a potential upside of 32.56% from the company's previous close.

Several other research firms also recently weighed in on PR. Susquehanna lifted their price target on shares of Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a research note on Wednesday, July 23rd. Raymond James Financial decreased their target price on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a research report on Tuesday, September 2nd. William Blair assumed coverage on Permian Resources in a report on Monday, August 25th. They issued an "outperform" rating for the company. Morgan Stanley increased their price target on Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Finally, UBS Group lifted their price objective on Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Permian Resources presently has an average rating of "Buy" and a consensus target price of $18.67.

Permian Resources Price Performance

PR opened at $12.07 on Friday. The business has a fifty day moving average of $13.38 and a 200 day moving average of $13.21. The stock has a market cap of $9.66 billion, a P/E ratio of 7.84 and a beta of 1.32. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources has a 52-week low of $10.01 and a 52-week high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The business's revenue for the quarter was down 3.9% compared to the same quarter last year. During the same period last year, the company earned $0.39 earnings per share. As a group, sell-side analysts anticipate that Permian Resources will post 1.45 EPS for the current year.

Insider Transactions at Permian Resources

In other news, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares of the company's stock, valued at $1,528,555.49. The trade was a 4.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares of the company's stock, valued at $1,305,467.10. The trade was a 4.91% decrease in their position. The disclosure for this sale can be found here. 6.44% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Nuveen LLC acquired a new position in Permian Resources during the 1st quarter valued at approximately $175,525,000. Bank of New York Mellon Corp grew its holdings in shares of Permian Resources by 86.8% during the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company's stock valued at $326,380,000 after buying an additional 11,133,354 shares during the last quarter. Boston Partners purchased a new stake in shares of Permian Resources during the second quarter valued at $134,119,000. Alyeska Investment Group L.P. increased its position in shares of Permian Resources by 300.3% in the 1st quarter. Alyeska Investment Group L.P. now owns 5,833,001 shares of the company's stock valued at $80,787,000 after acquiring an additional 4,375,930 shares during the period. Finally, Holocene Advisors LP purchased a new position in Permian Resources in the 2nd quarter worth $42,606,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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.

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