Mizuho Increases Permian Resources (NASDAQ:PR) Price Target to $21.00

Permian Resources (NASDAQ:PR - Free Report) had its price objective lifted by Mizuho from $20.00 to $21.00 in a research report report published on Wednesday morning, Benzinga reports. Mizuho currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on PR. Susquehanna upped their target price on Permian Resources from $16.00 to $18.00 and gave the stock a neutral rating in a research report on Monday, April 22nd. JPMorgan Chase & Co. raised their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an overweight rating in a report on Friday, April 12th. Benchmark reaffirmed a buy rating and issued a $17.00 price target on shares of Permian Resources in a report on Tuesday, April 23rd. Truist Financial lifted their target price on Permian Resources from $22.00 to $23.00 and gave the stock a buy rating in a report on Monday, April 22nd. Finally, Wells Fargo & Company raised their price objective on shares of Permian Resources from $18.00 to $21.00 and gave the stock an overweight rating in a research note on Wednesday, April 17th. 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 stock. According to data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $19.38.

Permian Resources Trading Down 1.6 %

PR traded down $0.28 on Wednesday, reaching $17.27. 13,752,992 shares of the company's stock were exchanged, compared to its average volume of 9,120,583. The company's 50 day moving average is $16.99 and its 200-day moving average is $14.80. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. Permian Resources has a twelve month low of $8.94 and a twelve month high of $18.28. The company has a market cap of $13.33 billion, a price-to-earnings ratio of 15.14 and a beta of 4.32.

Permian Resources (NASDAQ:PR - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. Equities 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. Shareholders of record on Tuesday, May 21st will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.39%. This is a boost from Permian Resources's previous quarterly dividend of $0.05. The ex-dividend date of this dividend is Monday, May 20th. Permian Resources's dividend payout ratio is 17.24%.

Insider Buying and Selling at Permian Resources

In other news, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at $15,337,010.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO William M. Hickey III sold 4,000,000 shares of the business's stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $62,840,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Brent P. Jensen sold 1,853 shares of the 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 completion of the transaction, the chief accounting officer now owns 1,047,610 shares of the company's stock, valued at $15,337,010.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,916,943 shares of company stock valued at $516,796,999. 12.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC boosted its stake in shares of Permian Resources by 317.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 24,186 shares of the company's stock valued at $338,000 after purchasing an additional 18,398 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Permian Resources by 110.7% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 115,089 shares of the company's stock valued at $1,565,000 after purchasing an additional 60,474 shares during the period. Comerica Bank boosted its position in shares of Permian Resources by 110,645.5% during the 3rd quarter. Comerica Bank now owns 946,874 shares of the company's stock valued at $13,218,000 after purchasing an additional 946,019 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in Permian Resources by 7.2% during the fourth quarter. Vaughan Nelson Investment Management L.P. now owns 3,131,126 shares of the company's stock worth $42,584,000 after purchasing an additional 210,870 shares during the period. Finally, Raymond James & Associates lifted its position in shares of Permian Resources by 26.1% during the 4th quarter. Raymond James & Associates now owns 634,123 shares of the company's stock valued at $8,624,000 after acquiring an additional 131,078 shares during the period. 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.