Permian Resources (NYSE:PR) Price Target Cut to $20.00 by Analysts at Wells Fargo & Company

Permian Resources (NYSE:PR) had its price objective reduced by equities research analysts at Wells Fargo & Company from $21.00 to $20.00 in a research note issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 37.69% from the company’s current price.

PR has been the topic of several other research reports. Piper Sandler lowered their price objective on shares of Permian Resources from $20.00 to $19.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. JPMorgan Chase & Co. dropped their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Susquehanna cut their price target on shares of Permian Resources from $20.00 to $19.00 and set a “positive” rating on the stock in a report on Tuesday, April 22nd. Williams Trading set a $19.00 price target on shares of Permian Resources in a research note on Wednesday, March 5th. Finally, Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.50.

Permian Resources Stock Down 1.7%

PR traded down $0.26 during midday trading on Monday, hitting $14.53. The company had a trading volume of 2,861,719 shares, compared to its average volume of 9,781,676. The stock’s 50 day moving average price is $12.61 and its 200 day moving average price is $13.66. Permian Resources has a 52 week low of $10.01 and a 52 week high of $16.95. The company has a market capitalization of $11.67 billion, a price-to-earnings ratio of 8.80, a PEG ratio of 4.05 and a beta of 1.24. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period last year, the company posted $0.25 earnings per share. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. On average, research analysts anticipate that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Permian Resources by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company’s stock worth $944,487,000 after purchasing an additional 870,622 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock worth $469,856,000 after buying an additional 12,306,854 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources during the fourth quarter valued at approximately $431,676,000. Massachusetts Financial Services Co. MA increased its position in shares of Permian Resources by 1.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company’s stock valued at $265,209,000 after purchasing an additional 291,444 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Permian Resources by 19.4% in the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock worth $195,276,000 after buying an additional 2,286,363 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other 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.