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

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

A number of other research analysts also recently issued reports on PR. Wells Fargo & Company boosted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the company an overweight rating in a research report on Tuesday, March 5th. Citigroup upped their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a buy rating in a report on Friday, March 1st. Raymond James began coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They set a strong-buy rating and a $24.00 target price on the stock. Benchmark increased their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company a buy rating in a research report on Tuesday, March 5th. Finally, JPMorgan Chase & Co. increased their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company an overweight rating in a research report on Friday, April 12th. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources currently has an average rating of Moderate Buy and a consensus target price of $19.00.

Permian Resources Trading Down 0.5 %

Shares of PR stock opened at $17.53 on Monday. The stock has a fifty day simple moving average of $16.24 and a two-hundred day simple moving average of $14.51. Permian Resources has a 52-week low of $8.94 and a 52-week high of $18.28. The firm has a market capitalization of $13.53 billion, a PE ratio of 15.11 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, analysts predict that Permian Resources will post 1.69 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a yield of 1.14%. Permian Resources’s dividend payout ratio is currently 17.24%.

Insider Activity

In related news, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the sale, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Brent P. Jensen sold 1,853 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the sale, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 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 transaction of $2,963,645.85. Following the completion of the sale, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,916,943 shares of company stock worth $516,796,999. 23.14% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently bought and sold shares of PR. EnCap Energy Capital Fund XI L.P. purchased a new stake in Permian Resources during the fourth quarter valued at about $353,683,000. Vanguard Group Inc. grew its holdings in Permian Resources by 69.7% during the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after purchasing an additional 19,847,358 shares during the last quarter. Post Oak Energy Holdings LLC grew its holdings in Permian Resources by 329.5% during the fourth quarter. Post Oak Energy Holdings LLC now owns 21,048,630 shares of the company’s stock valued at $286,261,000 after purchasing an additional 16,147,789 shares during the last quarter. State Street Corp acquired a new stake in shares of Permian Resources in the third quarter worth $100,979,000. Finally, OnyxPoint Global Management LP acquired a new stake in shares of Permian Resources in the fourth quarter worth $114,159,000. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.