Permian Resources (NASDAQ:PR) Given New $21.00 Price Target at Mizuho

Permian Resources (NASDAQ:PR) had its target price hoisted by Mizuho from $20.00 to $21.00 in a report released on Wednesday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Other research analysts have also issued reports about the company. 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. Wells Fargo & Company raised their price target on Permian Resources from $18.00 to $21.00 and gave the stock an overweight rating in a research report on Wednesday, April 17th. JPMorgan Chase & Co. raised their price target 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 raised their price target on Permian Resources from $22.00 to $23.00 and gave the stock a buy rating in a research report on Monday, April 22nd. Finally, Citigroup raised their price target on Permian Resources from $17.00 to $19.00 and gave the stock a buy rating in a research report on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average target price of $19.38.

Permian Resources Stock Down 1.7 %

Shares of PR opened at $17.26 on Wednesday. The firm has a market capitalization of $13.32 billion, a price-to-earnings ratio of 14.88 and a beta of 4.32. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The business’s fifty day moving average price is $17.03 and its two-hundred day moving average price is $14.82. Permian Resources has a 52 week low of $8.94 and a 52 week high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 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, analysts predict that Permian Resources will post 1.66 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend is Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio is 17.24%.

Insider Transactions at Permian Resources

In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction dated Tuesday, February 20th. The stock was 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction on 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 $15,337,010.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Brent P. Jensen sold 84,554 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were 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 of the company’s stock, valued at approximately $13,947,582. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 over the last quarter. Corporate insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently bought and sold shares of PR. Commonwealth Equity Services LLC increased its position in shares of Permian Resources by 12.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 23,356 shares of the company’s stock worth $326,000 after purchasing an additional 2,582 shares during the last quarter. Xponance Inc. lifted its stake in Permian Resources by 157.3% in the third quarter. Xponance Inc. now owns 38,530 shares of the company’s stock valued at $538,000 after acquiring an additional 23,555 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its position in shares of Permian Resources by 6.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock valued at $471,000 after acquiring an additional 2,063 shares during the period. Bank of New York Mellon Corp increased its position in Permian Resources by 68.5% during the third quarter. Bank of New York Mellon Corp now owns 3,506,547 shares of the company’s stock worth $48,951,000 after buying an additional 1,425,212 shares during the last quarter. Finally, New York State Teachers Retirement System acquired a new position in shares of Permian Resources during the 3rd quarter worth approximately $1,237,000. Institutional investors own 91.84% of the company’s stock.

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.