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

Permian Resources (NASDAQ:PR) had its price target upped by Wells Fargo & Company from $18.00 to $21.00 in a research report released on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities analysts also recently commented on PR. Susquehanna lifted their price target on Permian Resources from $15.00 to $16.00 and gave the stock a neutral rating in a research note on Thursday, February 29th. Truist Financial decreased their target price on Permian Resources from $24.00 to $22.00 and set a buy rating for the company in a research report on Friday, April 5th. Piper Sandler upped their price target on Permian Resources from $17.00 to $22.00 and gave the company an overweight rating in a research report on Thursday, March 7th. Stifel Nicolaus lifted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock a buy rating in a report on Friday, March 22nd. Finally, Royal Bank of Canada reissued an outperform rating and set a $17.00 target price on shares of Permian Resources in a report on Friday, April 12th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average target price of $19.08.

Permian Resources Stock Performance

Shares of PR stock opened at $17.08 on Wednesday. The company’s fifty day moving average price is $16.38 and its two-hundred day moving average price is $14.55. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a market capitalization of $13.18 billion, a P/E ratio of 14.72 and a beta of 4.35. Permian Resources has a 12 month low of $8.94 and a 12 month high of $18.28.

Permian Resources (NASDAQ:PR) 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 return on equity of 10.98% and a net margin of 15.26%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. On average, research analysts anticipate that Permian Resources will post 1.71 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were paid a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.17%. Permian Resources’s payout ratio is currently 17.24%.

Insider Activity

In other Permian Resources news, CEO William M. Hickey III sold 4,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $62,840,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Permian Resources news, CEO William M. Hickey III sold 4,000,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $62,840,000.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the sale, the director now directly owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. Insiders own 23.14% of the company’s stock.

Institutional Trading of Permian Resources

Hedge funds and other institutional investors have recently modified their holdings of the company. EnCap Energy Capital Fund XI L.P. acquired a new stake in Permian Resources during the 4th quarter worth about $353,683,000. Vanguard Group Inc. lifted its position in shares of Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after acquiring an additional 19,847,358 shares in the last quarter. Post Oak Energy Holdings LLC lifted its position in shares of Permian Resources by 329.5% in the 4th quarter. Post Oak Energy Holdings LLC now owns 21,048,630 shares of the company’s stock valued at $286,261,000 after acquiring an additional 16,147,789 shares in the last quarter. State Street Corp acquired a new position in Permian Resources in the 3rd quarter worth approximately $100,979,000. Finally, OnyxPoint Global Management LP purchased a new position in Permian Resources during the 4th quarter worth approximately $114,159,000. Institutional investors own 91.84% of the company’s stock.

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.