Mizuho Has Lowered Expectations for Permian Resources (NYSE:PR) Stock Price

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 - Get Free Report) had its target price decreased by stock analysts at Mizuho from $20.00 to $19.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Mizuho's price target indicates a potential upside of 43.67% from the stock's current price.

A number of other research firms have also recently weighed in on PR. Morgan Stanley boosted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Raymond James Financial dropped their target price on shares of Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating on the stock in a research note on Tuesday, September 2nd. William Blair started coverage on shares of Permian Resources in a research note on Monday, August 25th. They issued an "outperform" rating on the stock. TD Cowen upgraded shares of Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Bank of America upped their price target on shares of Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $18.47.

Permian Resources Stock Down 3.5%

PR stock traded down $0.48 during trading on Monday, reaching $13.23. The stock had a trading volume of 20,189,952 shares, compared to its average volume of 10,091,243. Permian Resources has a one year low of $10.01 and a one year high of $16.33. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. The company's 50 day moving average is $13.78 and its two-hundred day moving average is $13.28. The company has a market capitalization of $10.59 billion, a price-to-earnings ratio of 8.57 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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 quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.39 EPS. Equities research analysts forecast that Permian Resources will post 1.45 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Robert Regan Shannon sold 4,742 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the sale, the executive vice president directly owned 91,805 shares of the company's stock, valued at approximately $1,305,467.10. This trade represents a 4.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,743 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the sale, 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. 12.80% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the company. UMB Bank n.a. increased its stake in Permian Resources by 12.6% during the 2nd quarter. UMB Bank n.a. now owns 6,953 shares of the company's stock valued at $95,000 after purchasing an additional 778 shares in the last quarter. SCS Capital Management LLC increased its stake in Permian Resources by 0.6% during the 2nd quarter. SCS Capital Management LLC now owns 141,205 shares of the company's stock valued at $1,923,000 after purchasing an additional 870 shares in the last quarter. Hexagon Capital Partners LLC increased its stake in Permian Resources by 30.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock valued at $54,000 after purchasing an additional 921 shares in the last quarter. HighPoint Advisor Group LLC increased its stake in Permian Resources by 5.1% during the 1st quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company's stock valued at $283,000 after purchasing an additional 986 shares in the last quarter. Finally, Vident Advisory LLC increased its stake in Permian Resources by 9.9% during the 1st quarter. Vident Advisory LLC now owns 11,321 shares of the company's stock valued at $157,000 after purchasing an additional 1,019 shares in 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.

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