Wells Fargo & Company Upgrades Permian Resources (NYSE:PR) to Strong-Buy

Permian Resources (NYSE:PR) was upgraded by stock analysts at Wells Fargo & Company to a “strong-buy” rating in a report released on Wednesday, Zacks reports.

PR has been the subject of a number of other research reports. Truist Financial upped their price objective on shares of Permian Resources from $22.00 to $24.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. Roth Capital set a $23.00 target price on Permian Resources and gave the stock a “buy” rating in a research note on Monday, June 22nd. Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a research note on Wednesday, August 19th. Wall Street Zen upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Raymond James Financial reissued a “strong-buy” rating and set a $29.00 price objective on shares of Permian Resources in a report on Thursday, August 27th. Six equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $23.65.

Permian Resources Price Performance

Shares of NYSE PR opened at $23.82 on Wednesday. The stock has a market cap of $19.95 billion, a P/E ratio of 15.78 and a beta of 0.49. Permian Resources has a twelve month low of $11.92 and a twelve month high of $24.09. The stock has a 50 day moving average of $20.81 and a two-hundred day moving average of $20.12. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the prior year, the business earned $0.28 EPS. The firm’s revenue was up 55.1% compared to the same quarter last year. On average, research analysts forecast that Permian Resources will post 2.24 earnings per share for the current year.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. boosted its stake in Permian Resources by 4.0% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock worth $224,000 after buying an additional 607 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of Permian Resources by 21.3% during the 1st quarter. Bessemer Group Inc. now owns 3,537 shares of the company’s stock valued at $76,000 after acquiring an additional 621 shares during the last quarter. Waterloo Capital L.P. lifted its holdings in shares of Permian Resources by 3.1% during the 4th quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock worth $305,000 after acquiring an additional 657 shares during the period. Dean Investment Associates LLC lifted its holdings in shares of Permian Resources by 0.3% during the 4th quarter. Dean Investment Associates LLC now owns 265,615 shares of the company’s stock worth $3,727,000 after acquiring an additional 922 shares during the period. Finally, Callahan Advisors LLC boosted its position in shares of Permian Resources by 4.8% in the fourth quarter. Callahan Advisors LLC now owns 22,093 shares of the company’s stock worth $310,000 after acquiring an additional 1,004 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 (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.