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

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

Several other research firms also recently weighed in on PR. Piper Sandler lifted their target price on shares of Permian Resources from $17.00 to $22.00 and gave the company an overweight rating in a report on Thursday, March 7th. Mizuho lifted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company a buy rating in a report on Monday. Susquehanna lifted their target price on shares of Permian Resources from $15.00 to $16.00 and gave the company a neutral rating in a report on Thursday, February 29th. Bank of America started coverage on shares of Permian Resources in a report on Friday, January 5th. They issued a neutral rating and a $15.00 target price for the company. Finally, Truist Financial dropped their price target on shares of Permian Resources from $24.00 to $22.00 and set a buy rating for the company in a research note on Friday, April 5th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $19.00.

Permian Resources Stock Down 0.5 %

Shares of NASDAQ PR opened at $17.53 on Wednesday. The company has a 50 day simple moving average of $16.24 and a 200-day simple moving average of $14.51. The company has a market capitalization of $13.53 billion, a P/E ratio of 13.34 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. Permian Resources has a 1 year low of $8.94 and a 1 year high of $18.28.

Permian Resources (NASDAQ:PR) last posted its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The firm had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. On average, equities research analysts predict that Permian Resources will post 1.71 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.14%. Permian Resources’s dividend payout ratio (DPR) is currently 17.24%.

Insider Transactions at Permian Resources

In other news, Director William J. Quinn sold 18,076,849 shares of Permian Resources stock in a transaction on Monday, March 4th. The shares were 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 approximately $1,116,299,500.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director William J. Quinn sold 18,076,849 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $15.71, for a total value 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 sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the sale, the chief accounting officer now directly owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The disclosure for this sale can be found here. In the last three months, insiders sold 32,916,943 shares of company stock valued at $516,796,999. Insiders own 23.14% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company increased its stake in Permian Resources by 1.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 84,718 shares of the company’s stock valued at $796,000 after purchasing an additional 972 shares during the period. Arizona State Retirement System increased its stake in Permian Resources by 1.5% in the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock valued at $999,000 after purchasing an additional 1,041 shares during the period. Truist Financial Corp increased its stake in Permian Resources by 9.4% in the fourth quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock valued at $172,000 after purchasing an additional 1,086 shares during the period. Parallel Advisors LLC increased its stake in Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares during the period. Finally, Navellier & Associates Inc. increased its stake in Permian Resources by 11.3% in the fourth quarter. Navellier & Associates Inc. now owns 11,688 shares of the company’s stock valued at $159,000 after purchasing an additional 1,187 shares during the period. 91.84% of the stock is owned by hedge funds and other 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.