Permian Resources (NYSE:PR) Upgraded to “Strong-Buy” at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Permian Resources (NYSE:PR) to a strong-buy rating in a report released on Wednesday,Zacks reports.

Several other research firms also recently commented on PR. Truist Financial increased their target price 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. Seaport Research Partners assumed coverage on Permian Resources in a report on Thursday. They set a “buy” rating and a $29.00 price objective on the stock. Wall Street Zen raised Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. UBS Group reduced their target price on Permian Resources from $25.00 to $24.00 and set a “buy” rating for the company in a report on Friday, July 17th. Finally, Citigroup decreased their target price on Permian Resources from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Six analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Permian Resources presently has a consensus rating of “Buy” and a consensus target price of $23.65.

Permian Resources Price Performance

NYSE PR opened at $23.82 on Wednesday. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $19.95 billion, a PE ratio of 15.78 and a beta of 0.49. Permian Resources has a 12-month low of $11.92 and a 12-month high of $24.09. The company has a 50 day moving average price of $20.81 and a two-hundred day moving average price of $20.12.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter in the prior year, the business posted $0.28 EPS. Permian Resources’s quarterly revenue was up 55.1% on a year-over-year basis. As a group, equities analysts predict that Permian Resources will post 2.24 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s dividend payout ratio is 42.38%.

Institutional Trading of Permian Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PR. SJS Investment Consulting Inc. lifted its holdings in shares of Permian Resources by 1,862.5% during the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after buying an additional 1,341 shares during the last quarter. SHP Wealth Management bought a new position in Permian Resources during the fourth quarter worth $27,000. Cedar Mountain Advisors LLC bought a new position in Permian Resources during the first quarter worth $48,000. Los Angeles Capital Management LLC acquired a new position in Permian Resources during the 4th quarter valued at $39,000. Finally, State of Wyoming raised its stake in Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.