Permian Resources (NASDAQ:PR) Price Target Increased to $20.00 by Analysts at Mizuho

Permian Resources (NASDAQ:PR) had its price objective boosted by Mizuho from $18.00 to $20.00 in a research note published on Monday, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently weighed in on PR. Susquehanna increased their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the stock a neutral rating in a research report on Thursday, February 29th. Citigroup increased their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a buy rating in a research report on Friday, March 1st. Piper Sandler increased their target price on shares of Permian Resources from $17.00 to $22.00 and gave the stock an overweight rating in a research note on Thursday, March 7th. Wells Fargo & Company increased their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock an overweight rating in a research note on Tuesday, March 5th. Finally, Truist Financial cut their target price on shares of Permian Resources from $24.00 to $22.00 and set a buy rating on the stock in a research note on Friday, April 5th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $18.77.

Permian Resources Price Performance

PR stock opened at $17.70 on Monday. The company has a 50 day simple moving average of $16.06 and a 200 day simple moving average of $14.46. The stock has a market cap of $13.66 billion, a price-to-earnings ratio of 15.26 and a beta of 4.35. Permian Resources has a 1 year low of $8.94 and a 1 year high of $18.28. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The firm had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Research analysts anticipate that Permian Resources will post 1.69 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were paid a $0.05 dividend. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.13%. Permian Resources’s payout ratio is 17.24%.

Insider Transactions at Permian Resources

In related news, Director William J. Quinn sold 18,076,849 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the transaction, the director now owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director William J. Quinn sold 18,076,849 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the transaction, the director now owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total transaction of $27,127.92. Following the transaction, the chief accounting officer now directly owns 1,047,610 shares of the company’s stock, valued at approximately $15,337,010.40. 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. Corporate insiders own 23.14% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several hedge funds have recently bought and sold shares of PR. Sanders Morris Harris LLC bought a new stake in shares of Permian Resources in the 1st quarter worth approximately $3,984,000. Park Avenue Securities LLC bought a new stake in shares of Permian Resources in the 1st quarter worth approximately $236,000. Polianta Ltd bought a new stake in shares of Permian Resources in the 1st quarter worth approximately $1,207,000. Rise Advisors LLC bought a new stake in shares of Permian Resources in the 1st quarter worth approximately $32,000. Finally, First Hawaiian Bank lifted its holdings in shares of Permian Resources by 54.5% in the 1st quarter. First Hawaiian Bank now owns 52,247 shares of the company’s stock worth $923,000 after acquiring an additional 18,433 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

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.