Mizuho Cuts Permian Resources (NYSE:PR) Price Target to $19.00

Key Points

• Mizuho has decreased its target price for Permian Resources from $20.00 to $19.00, while maintaining an "outperform" rating, suggesting a potential upside of 43.67% from current stock levels.
• Despite the lowered expectations, the consensus rating for the stock remains a "Buy" with an average price target of $18.47, according to MarketBeat data.
• Permian Resources stock has recently dropped 3.5%, closing at $13.23, and has experienced a year-to-date low of $10.01 and high of $16.33.

Permian Resources (NYSE:PR - Free Report) had its price target trimmed by Mizuho from $20.00 to $19.00 in a research report report published on Monday,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other research analysts also recently weighed in on the company. Morgan Stanley upped their price target on Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. William Blair started coverage on Permian Resources in a research note on Monday, August 25th. They set an "outperform" rating on the stock. UBS Group upped their price target on Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Wells Fargo & Company upped their price target on Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. Finally, Piper Sandler upped their price target on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $18.63.

Permian Resources Trading Down 2.4%

Shares of Permian Resources stock traded down $0.32 on Monday, hitting $13.26. 19,190,397 shares of the company's stock traded hands, compared to its average volume of 10,450,997. Permian Resources has a one year low of $10.01 and a one year high of $16.33. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The company has a fifty day moving average of $13.72 and a two-hundred day moving average of $13.29. The company has a market capitalization of $10.61 billion, a price-to-earnings ratio of 8.61 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the company earned $0.39 EPS. The firm's revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, sell-side analysts expect that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

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

Insider Activity at Permian Resources

In other news, EVP Robert Regan Shannon sold 4,742 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the transaction, the executive vice president directly owned 91,805 shares of the company's stock, valued at $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the transaction, the executive vice president directly owned 107,569 shares of the company's stock, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.44% of the company's stock.

Hedge Funds Weigh In On Permian Resources

Institutional investors and hedge funds have recently bought and sold shares of the company. Allworth Financial LP grew its holdings in Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after purchasing an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC bought a new position in Permian Resources during the first quarter valued at $30,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company's stock valued at $31,000 after purchasing an additional 1,391 shares during the period. Keystone Global Partners LLC bought a new position in Permian Resources during the first quarter valued at $36,000. Finally, FNY Investment Advisers LLC bought a new position in Permian Resources during the second quarter valued at $36,000. 91.84% of the stock is 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.