Mizuho Increases Permian Resources (NASDAQ:PR) Price Target to $20.00

Permian Resources (NASDAQ:PR) had its price objective upped by analysts at Mizuho from $18.00 to $20.00 in a note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. Mizuho’s price objective suggests a potential upside of 13.64% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Raymond James began coverage on Permian Resources in a report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price target for the company. Citigroup raised their price target on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, March 1st. JPMorgan Chase & Co. raised their price target on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Benchmark raised their price target on Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Finally, Wells Fargo & Company raised their price target on Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. Three investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and an average target price of $18.77.

Permian Resources Price Performance

Shares of PR stock opened at $17.60 on Monday. Permian Resources has a 1-year low of $8.94 and a 1-year high of $18.28. The stock’s 50-day moving average is $16.15 and its 200 day moving average is $14.48. The company has a market cap of $13.58 billion, a P/E ratio of 15.17 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Research analysts predict that Permian Resources will post 1.69 earnings per share for the current fiscal year.

Insider Activity at Permian Resources

In related news, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at $15,457,119.75. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Brent P. Jensen sold 84,554 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $14.96, for a total value of $1,264,927.84. Following the completion of the sale, the chief accounting officer now owns 932,325 shares of the company’s stock, valued at $13,947,582. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,916,943 shares of company stock worth $516,796,999. 23.14% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. EnCap Energy Capital Fund XI L.P. acquired a new stake in shares of Permian Resources in the fourth quarter worth approximately $353,683,000. Vanguard Group Inc. boosted its stake in shares of Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after acquiring an additional 19,847,358 shares during the last quarter. Post Oak Energy Holdings LLC boosted its stake in shares of Permian Resources by 329.5% in the fourth quarter. Post Oak Energy Holdings LLC now owns 21,048,630 shares of the company’s stock worth $286,261,000 after acquiring an additional 16,147,789 shares during the last quarter. State Street Corp acquired a new stake in shares of Permian Resources in the third quarter worth approximately $100,979,000. Finally, OnyxPoint Global Management LP acquired a new stake in shares of Permian Resources in the fourth quarter worth approximately $114,159,000. 91.84% of the stock is currently owned by hedge funds and other 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.