Permian Resources (NYSE:PR) Stock Price Target Lowered at Wells Fargo & Company

Permian Resources (NYSE:PR) had its price target cut by Wells Fargo & Company from $28.00 to $27.00 in a report issued on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages have also issued reports on PR. Weiss Ratings upgraded Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. UBS Group increased their target price on Permian Resources from $24.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, September 14th. Truist Financial raised their target price on shares of Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Wall Street Zen raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Finally, Scotiabank assumed coverage on shares of Permian Resources in a report on Wednesday, October 14th. They issued a “sector outperform” rating and a $29.00 price target for the company. Five equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $26.61.

Permian Resources Trading Up 1.6%

Permian Resources stock traded up $0.34 during mid-day trading on Friday, hitting $21.68. 16,266,490 shares of the company’s stock were exchanged, compared to its average volume of 8,461,114. The firm has a market capitalization of $18.15 billion, a P/E ratio of 11.29 and a beta of 0.62. Permian Resources has a fifty-two week low of $12.75 and a fifty-two week high of $26.07. 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 company’s 50 day simple moving average is $23.36 and its 200-day simple moving average is $20.53.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, November 4th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.78 billion. During the same period in the previous year, the firm earned $0.08 earnings per share. The company’s revenue was up 48.1% on a year-over-year basis. On average, equities analysts anticipate that Permian Resources will post 2.47 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Thursday, December 17th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Thursday, December 17th. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. Permian Resources’s dividend payout ratio (DPR) is currently 33.33%.

Insider Activity

In other news, EVP Guy Oliphint sold 5,103 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the sale, the executive vice president directly owned 537,400 shares in the company, valued at $12,763,250. The trade was a 0.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the company’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the transaction, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at $37,089,900. This represents a 0.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 15,699 shares of company stock worth $372,851 over the last three months. Corporate insiders own 5.00% of the company’s stock.

Institutional Trading of Permian Resources

A number of institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP grew its position in Permian Resources by 3.9% in the second quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after purchasing an additional 763,059 shares in the last quarter. Jennison Associates LLC increased its position in shares of Permian Resources by 63.1% in the first quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock valued at $132,824,000 after acquiring an additional 2,411,292 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Permian Resources in the first quarter valued at about $121,041,000. First Trust Advisors LP raised its holdings in Permian Resources by 66.6% during the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock worth $118,636,000 after acquiring an additional 2,224,560 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Permian Resources by 1.8% during the first quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock worth $100,911,000 after acquiring an additional 85,509 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Key Permian Resources News

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Q3 results beat estimates: Permian Resources reported adjusted earnings of $0.69 per share versus the roughly $0.61 consensus and revenue of $1.96 billion versus $1.78 billion expected. Revenue rose 48.1% year over year. Zacks Q3 earnings report
• Positive Sentiment: Higher production and cash-flow outlook: Q3 total production averaged 457,500 barrels of oil equivalent per day, up 22% sequentially. A separate report highlighted a $300 million free-cash-flow outlook upgrade, which may support confidence in the company’s ability to fund operations and shareholder returns. Q3 results and guidance Free-cash-flow outlook report
• Positive Sentiment: Quarterly dividend declared: The company announced a $0.16-per-share dividend, equivalent to $0.64 annualized, with payment scheduled for December 31. Permian Resources dividend information
• Neutral Sentiment: Acquisition expands the business but requires significant capital: Permian Resources acquired Ridge Runner Resources II for $1.2 billion. The deal may add assets and production, but its ultimate effect will depend on execution and returns. Acquisition report
• Negative Sentiment: Wells Fargo trimmed its target: The bank lowered its price target from $28 to $27, a modest reduction in its valuation view, but retained an Overweight rating and still indicated potential upside. Wells Fargo price-target update
• Negative Sentiment: Costs merit attention: A Q3 recap flagged record costs, which could weigh on margins if they persist, despite the reported free-cash-flow outlook improvement. Q3 cost and cash-flow report

About Permian Resources

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico.

The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.

Permian Resources was formed in 2022 through the combination of Centennial Resource Development and Colgate Energy.