Mizuho Markets Americas LLC Increases Stake in Permian Resources Corporation (NYSE:PR)

Key Points

• Mizuho Markets Americas LLC increased its stake in Permian Resources Corporation by 6.2%, owning approximately 0.10% of the company worth $11.61 million after acquiring 48,643 additional shares.
• Equities analysts have boosted their target prices for the company, with Raymond James setting a new target of $23.00 and maintaining a "strong-buy" rating, while the consensus rating remains at "Moderate Buy".
• Permian Resources recently declared a quarterly dividend of $0.15 per share, representing an annualized yield of 4.5%, with the ex-dividend date set for September 16th.

Mizuho Markets Americas LLC boosted its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 6.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 838,247 shares of the company's stock after purchasing an additional 48,643 shares during the period. Mizuho Markets Americas LLC owned about 0.10% of Permian Resources worth $11,610,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Allworth Financial LP lifted its position in Permian Resources by 376.7% in the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after acquiring an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new position in Permian Resources in the 1st quarter valued at about $30,000. RE Dickinson Investment Advisors LLC bought a new position in Permian Resources in the 4th quarter valued at about $41,000. Tsfg LLC bought a new position in Permian Resources in the 1st quarter valued at about $46,000. Finally, Hexagon Capital Partners LLC lifted its position in Permian Resources by 30.8% in the 1st quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock valued at $54,000 after acquiring an additional 921 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PR has been the topic of several recent analyst reports. Royal Bank Of Canada lifted their target price on shares of Permian Resources from $16.00 to $17.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. UBS Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. The Goldman Sachs Group lifted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 16th. Finally, Piper Sandler lifted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. Two research analysts have rated the stock with a sell rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Permian Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.47.

Permian Resources Price Performance

NYSE:PR traded up $0.39 during midday trading on Tuesday, hitting $13.38. The company had a trading volume of 14,331,436 shares, compared to its average volume of 10,648,918. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33. The stock's fifty day moving average price is $13.90 and its 200-day moving average price is $13.39. The company has a market capitalization of $10.75 billion, a PE ratio of 8.69 and a beta of 1.32. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. The business had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The firm's revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 earnings per share. As a group, research analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, September 16th. Permian Resources's dividend payout ratio is 38.96%.

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.