Permian Resources (NASDAQ:PR) Price Target Lowered to $19.00 at Mizuho

Permian Resources (NASDAQ:PR) had its price target reduced by Mizuho from $22.00 to $19.00 in a report released on Monday morning, Benzinga reports. They currently have an outperform rating on the stock.

PR has been the subject of several other reports. UBS Group decreased their target price on shares of Permian Resources from $21.00 to $19.00 and set a buy rating for the company in a report on Friday, August 9th. Piper Sandler reduced their target price on shares of Permian Resources from $23.00 to $21.00 and set an overweight rating for the company in a research note on Thursday, August 15th. Royal Bank of Canada reiterated an outperform rating and issued a $20.00 target price on shares of Permian Resources in a research note on Monday, August 12th. Truist Financial lifted their target price on shares of Permian Resources from $21.00 to $22.00 and gave the company a buy rating in a research note on Tuesday, July 30th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Permian Resources from $20.00 to $17.00 and set an overweight rating for the company in a research note on Thursday, September 12th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Permian Resources currently has a consensus rating of Moderate Buy and an average price target of $19.57.

Permian Resources Stock Performance

Shares of PR opened at $13.64 on Monday. The firm’s 50 day moving average is $14.70 and its 200-day moving average is $15.89. The stock has a market capitalization of $10.50 billion, a P/E ratio of 12.40, a P/E/G ratio of 0.71 and a beta of 4.33. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. Permian Resources has a 12-month low of $12.34 and a 12-month high of $18.28.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period last year, the company posted $0.27 earnings per share. The business’s revenue for the quarter was up 99.9% on a year-over-year basis. Equities research analysts anticipate that Permian Resources will post 1.63 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.76%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio is 21.82%.

Insider Buying and Selling

In related news, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in Permian Resources by 11.2% in the 1st quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after buying an additional 5,432,654 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in shares of Permian Resources by 9.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock valued at $268,213,000 after purchasing an additional 1,471,833 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Permian Resources by 59.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after purchasing an additional 1,555,884 shares during the last quarter. Finally, OnyxPoint Global Management LP bought a new stake in shares of Permian Resources in the 4th quarter worth about $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.