Mizuho Boosts Permian Resources (NASDAQ:PR) Price Target to $20.00

Permian Resources (NASDAQ:PR) had its price objective increased by Mizuho from $18.00 to $20.00 in a report released on Monday, Benzinga reports. Mizuho currently has a buy rating on the stock.

Several other analysts have also weighed in on the company. Piper Sandler lifted their price objective on Permian Resources from $17.00 to $22.00 and gave the stock an overweight rating in a report on Thursday, March 7th. Susquehanna lifted their price objective on Permian Resources from $15.00 to $16.00 and gave the stock a neutral rating in a report on Thursday, February 29th. JPMorgan Chase & Co. raised their target price on Permian Resources from $18.00 to $20.00 and gave the stock an overweight rating in a research report on Friday, April 12th. Truist Financial cut their target price on Permian Resources from $24.00 to $22.00 and set a buy rating for the company in a research report on Friday, April 5th. Finally, Wells Fargo & Company raised their target price on Permian Resources from $17.00 to $18.00 and gave the stock an overweight rating in a research report on Tuesday, March 5th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $19.00.

Permian Resources Stock Performance

PR opened at $17.19 on Monday. The firm has a market capitalization of $13.27 billion, a P/E ratio of 14.82 and a beta of 4.35. The stock’s 50 day moving average price is $16.31 and its two-hundred day moving average price is $14.52. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources has a 12-month low of $8.94 and a 12-month high of $18.28.

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

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.16%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s dividend payout ratio (DPR) is presently 17.24%.

Insider Activity

In related news, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now owns 1,062,345 shares in the company, valued at $15,457,119.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Brent P. Jensen sold 84,554 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $14.96, for a total transaction of $1,264,927.84. Following the completion of the transaction, the chief accounting officer now directly owns 932,325 shares in the company, valued at $13,947,582. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The disclosure for this sale can be found here. Insiders have sold 32,916,943 shares of company stock valued at $516,796,999 over the last 90 days. 23.14% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PR. Envestnet Asset Management Inc. acquired a new position in Permian Resources during the third quarter valued at approximately $1,053,000. Macquarie Group Ltd. acquired a new position in Permian Resources during the third quarter valued at approximately $105,000. Bank of New York Mellon Corp acquired a new position in Permian Resources during the third quarter valued at approximately $8,153,000. Ensign Peak Advisors Inc acquired a new position in Permian Resources during the third quarter valued at approximately $233,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in Permian Resources during the third quarter valued at approximately $669,000. 91.84% of the stock is currently owned by 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.