Permian Resources (NYSE:PR) PT Lowered to $21.00 at Wells Fargo & Company

Permian Resources (NYSE:PR) had its target price decreased by Wells Fargo & Company from $22.00 to $21.00 in a report released on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other brokerages have also commented on PR. JPMorgan Chase & Co. dropped their price target on shares of Permian Resources from $20.00 to $17.00 and set an overweight rating on the stock in a research note on Thursday, September 12th. Benchmark restated a buy rating and set a $17.00 target price on shares of Permian Resources in a report on Wednesday, August 7th. Citigroup decreased their price target on Permian Resources from $20.00 to $18.00 and set a buy rating for the company in a research note on Friday, August 9th. UBS Group cut their price objective on Permian Resources from $19.00 to $18.00 and set a buy rating on the stock in a research note on Wednesday, September 18th. Finally, Susquehanna decreased their target price on Permian Resources from $16.00 to $15.00 and set a neutral rating for the company in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $19.20.

Permian Resources Stock Up 2.4 %

Permian Resources stock opened at $14.69 on Tuesday. Permian Resources has a twelve month low of $12.34 and a twelve month high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. The firm has a market cap of $11.31 billion, a PE ratio of 13.35, a P/E/G ratio of 0.78 and a beta of 4.32. The firm’s 50 day moving average price is $14.11 and its two-hundred day moving average price is $15.70.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. Permian Resources’s revenue for the quarter was up 99.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.27 earnings per share. On average, research analysts predict that Permian Resources will post 1.53 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were given a $0.06 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.63%. Permian Resources’s payout ratio is 21.82%.

Insider Buying and Selling

In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. YHB Investment Advisors Inc. bought a new position in Permian Resources in the first quarter valued at approximately $26,000. Parallel Advisors LLC increased its holdings in Permian Resources by 117.0% during the 4th 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. Innealta Capital LLC acquired a new stake in shares of Permian Resources in the 2nd quarter valued at about $30,000. Rise Advisors LLC acquired a new stake in shares of Permian Resources in the 1st quarter valued at about $32,000. Finally, Transcendent Capital Group LLC bought a new position in shares of Permian Resources during the first quarter worth about $36,000. 91.84% of the stock is currently owned by institutional investors.

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.