Permian Resources (NASDAQ:PR) Given New $21.00 Price Target at Mizuho

Permian Resources (NASDAQ:PR) had its price target increased by research analysts at Mizuho from $20.00 to $21.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Mizuho’s price target points to a potential upside of 19.59% from the company’s current price.

Other equities analysts have also issued research reports about 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. upped their price target on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, April 12th. Stifel Nicolaus lifted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Truist Financial raised their target price on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Finally, Piper Sandler increased their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average target price of $19.38.

Permian Resources Stock Performance

Shares of PR stock opened at $17.56 on Wednesday. Permian Resources has a 1 year low of $8.94 and a 1 year high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a market cap of $13.55 billion, a price-to-earnings ratio of 15.14 and a beta of 4.32. The stock’s 50-day moving average is $16.99 and its two-hundred day moving average is $14.80.

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. The company had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. Analysts predict that Permian Resources will post 1.66 earnings per share for the current year.

Insider Activity at Permian Resources

In related news, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Brent P. Jensen sold 84,554 shares of Permian Resources stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $14.96, for a total value of $1,264,927.84. Following the transaction, the chief accounting officer now directly owns 932,325 shares of the company’s stock, valued at approximately $13,947,582. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were 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 owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,916,943 shares of company stock valued at $516,796,999. 12.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PR. Vanguard Group Inc. lifted its position in shares of Permian Resources by 69.7% during the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after purchasing an additional 19,847,358 shares during the last quarter. EnCap Energy Capital Fund XI L.P. bought a new position in Permian Resources during the fourth quarter worth $353,683,000. Massachusetts Financial Services Co. MA increased its stake in Permian Resources by 96.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after purchasing an additional 6,464,093 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Permian Resources by 16.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 10,701,986 shares of the company’s stock worth $145,546,000 after purchasing an additional 1,544,525 shares during the period. Finally, OnyxPoint Global Management LP bought a new position in shares of Permian Resources in the 4th quarter worth about $114,159,000. Hedge funds and other 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.