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 research report sent to investors on Monday, Benzinga reports. Mizuho currently has a buy rating on the stock.

A number of other equities analysts have also recently commented on the company. Wells Fargo & Company lifted their price target on Permian Resources from $17.00 to $18.00 and gave the stock an overweight rating in a research note on Tuesday, March 5th. Raymond James assumed coverage on Permian Resources in a research note on Tuesday, April 9th. They issued a strong-buy rating and a $24.00 price target on the stock. Benchmark lifted their price target on Permian Resources from $16.00 to $17.00 and gave the stock a buy rating in a research note on Tuesday, March 5th. Citigroup lifted their price target on Permian Resources from $17.00 to $19.00 and gave the stock a buy rating in a research note on Friday, March 1st. Finally, Royal Bank of Canada reiterated an outperform rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Friday, April 12th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $19.00.

Permian Resources Stock Down 2.0 %

Shares of NASDAQ PR opened at $17.19 on Monday. Permian Resources has a 52 week low of $8.94 and a 52 week high of $18.28. The business has a 50-day simple moving average of $16.31 and a two-hundred day simple moving average of $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. The company has a market cap of $13.27 billion, a P/E ratio of 14.82 and a beta of 4.35.

Permian Resources (NASDAQ:PR) last issued its quarterly 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 during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Research analysts anticipate that Permian Resources will post 1.71 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were paid a $0.05 dividend. 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 is currently 17.24%.

Insider Transactions at Permian Resources

In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the transaction, the insider now owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Brent P. Jensen sold 1,853 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total transaction of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the sale, the insider now owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock worth $516,796,999 over the last quarter. 23.14% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

Hedge funds have recently bought and sold shares of the company. Parallel Advisors LLC increased its position in Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after buying an additional 1,178 shares in the last quarter. Rise Advisors LLC bought a new position in shares of Permian Resources in the first quarter worth about $32,000. DekaBank Deutsche Girozentrale bought a new position in shares of Permian Resources in the fourth quarter worth about $33,000. Quarry LP bought a new position in shares of Permian Resources in the first quarter worth about $33,000. Finally, GAMMA Investing LLC bought a new position in shares of Permian Resources in the fourth quarter worth about $43,000. Hedge funds and other 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.