Wells Fargo & Company Increases Permian Resources (NYSE:PR) Price Target to $27.00

Key Points

• Wells Fargo raised its price target on Permian Resources to $27.00 (from $21.00) and maintained an "overweight" rating, implying about a 30.47% upside from the current price.
• Permian carries a consensus analyst rating of Buy with a mean price target of $22.06; the stock recently traded near $20.70 with a market cap of $17.3B and a P/E of 16.5.
• Insider activity has been notable: insiders sold roughly 3.13 million shares valued at $58.8M in the last 90 days, though they still own about 6.44% of the company.

Permian Resources (NYSE:PR - Get Free Report) had its price objective lifted by equities research analysts at Wells Fargo & Company from $21.00 to $27.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. Wells Fargo & Company's price objective indicates a potential upside of 30.47% from the company's current price.

Other research analysts also recently issued research reports about the company. Citigroup increased their price target on Permian Resources from $21.00 to $26.00 and gave the stock a "buy" rating in a research note on Tuesday, March 31st. Morgan Stanley lowered their price target on Permian Resources from $19.00 to $18.00 and set an "overweight" rating on the stock in a report on Friday, January 23rd. Roth Mkm reaffirmed a "neutral" rating and issued a $22.00 price target (up from $20.00) on shares of Permian Resources in a report on Wednesday. Royal Bank Of Canada raised their price objective on Permian Resources from $18.00 to $20.00 and gave the company an "outperform" rating in a report on Monday, March 2nd. Finally, Benchmark lowered Permian Resources from a "buy" rating to a "hold" rating in a research report on Thursday, March 5th. Five research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $22.06.

Permian Resources Stock Up 1.5%

NYSE PR traded up $0.32 on Friday, reaching $20.70. The company had a trading volume of 1,000,420 shares, compared to its average volume of 12,998,106. The stock has a market capitalization of $17.31 billion, a P/E ratio of 16.53, a P/E/G ratio of 2.83 and a beta of 0.56. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. The company's fifty day moving average is $18.84 and its 200 day moving average is $15.47. Permian Resources has a 52-week low of $10.38 and a 52-week high of $21.99.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.09. The firm had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The business's revenue for the quarter was down 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.36 EPS. Sell-side analysts anticipate that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Permian Resources news, Director Aron Marquez sold 7,750 shares of the business's stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total value of $152,055.00. Following the sale, the director directly owned 72,218 shares of the company's stock, valued at approximately $1,416,917.16. The trade was a 9.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeffrey Tepper sold 50,000 shares of the company's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $19.38, for a total value of $969,000.00. Following the transaction, the director directly owned 150,546 shares in the company, valued at approximately $2,917,581.48. The trade was a 24.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 3,130,066 shares of company stock valued at $58,837,655. Company insiders own 6.44% of the company's stock.

Institutional Trading of Permian Resources

Hedge funds have recently bought and sold shares of the company. Farther Finance Advisors LLC increased its position in Permian Resources by 114.1% during the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company's stock valued at $25,000 after acquiring an additional 1,047 shares during the last quarter. SHP Wealth Management purchased a new stake in shares of Permian Resources during the fourth quarter worth about $27,000. Los Angeles Capital Management LLC purchased a new stake in shares of Permian Resources during the fourth quarter worth about $39,000. State of Wyoming grew its position in shares of Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company's stock worth $41,000 after purchasing an additional 1,640 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in shares of Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock valued at $57,000 after purchasing an additional 3,224 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Company Profile

Permian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.