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

Key Points

• Wells Fargo & Company has raised its price target for Permian Resources (NYSE:PR) from $20.00 to $21.00, indicating a potential upside of 56.95% from the current stock price.
• Other firms also provided positive outlooks on Permian Resources, with targets set at $23.00 by Raymond James Financial and $16.00 by Bank of America.
• Permian Resources reported earnings of $0.27 per share for the last quarter, meeting the consensus estimates, but its quarterly revenue decreased by 3.9% compared to the previous year.

Permian Resources (NYSE:PR - Get Free Report) had its price target increased by investment analysts at Wells Fargo & Company from $20.00 to $21.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 56.95% from the stock's current price.

A number of other research firms also recently commented on PR. Raymond James Financial reiterated a "strong-buy" rating and set a $23.00 target price (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Bank of America increased their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. Wall Street Zen downgraded shares of Permian Resources from a "hold" rating to a "sell" rating in a report on Saturday. The Goldman Sachs Group increased their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 16th. Finally, Susquehanna lifted their price target on Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research report on Wednesday, July 23rd. Two research analysts have rated the stock with a sell rating, twelve have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.53.

Permian Resources Trading Up 3.0%

Permian Resources stock opened at $13.38 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The stock has a market cap of $10.75 billion, a P/E ratio of 8.69 and a beta of 1.32. The firm's 50 day moving average price is $13.90 and its 200-day moving average price is $13.39. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting analysts' consensus estimates of $0.27. The firm had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%. The business's quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.39 earnings per share. On average, equities analysts predict that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Permian Resources

A number of hedge funds have recently added to or reduced their stakes in PR. OneDigital Investment Advisors LLC raised its holdings in shares of Permian Resources by 19.2% in the first quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock valued at $267,000 after acquiring an additional 3,107 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in Permian Resources by 12.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock worth $444,000 after acquiring an additional 3,547 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in Permian Resources by 8.5% during the 1st quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock valued at $393,000 after purchasing an additional 2,215 shares during the period. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Permian Resources by 27.4% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock valued at $425,000 after purchasing an additional 6,600 shares in the last quarter. Finally, Vontobel Holding Ltd. purchased a new stake in shares of Permian Resources in the 1st quarter worth approximately $174,000. 91.84% of the stock is currently owned by 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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