Permian Resources (NYSE:PR) Given New $19.00 Price Target at Mizuho

Permian Resources (NYSE:PR) had its target price cut by Mizuho from $20.00 to $19.00 in a research report released on Monday morning,Benzinga reports. They currently have an outperform rating on the stock.

PR has been the subject of a number of other reports. Morgan Stanley upped their price target on Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. William Blair assumed coverage on Permian Resources in a research note on Monday, August 25th. They issued an “outperform” rating for the company. Wall Street Zen cut Permian Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Wells Fargo & Company upped their price target on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, August 13th. Finally, Susquehanna increased their target price on Permian Resources from $19.00 to $20.00 and gave the stock a “positive” rating in a research note on Wednesday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Buy” and a consensus target price of $18.47.

Permian Resources Stock Performance

Shares of NYSE:PR opened at $13.24 on Monday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $10.60 billion, a P/E ratio of 8.60 and a beta of 1.42. The business has a 50-day moving average price of $13.77 and a two-hundred day moving average price of $13.28. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.33.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting analysts’ consensus estimates of $0.27. The company had revenue of $1.20 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.Permian Resources’s revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS. Equities analysts predict that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

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

Insider Activity at Permian Resources

In other news, EVP John Charles Bell sold 4,743 shares of the firm’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 transaction 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 $1,528,555.49. This trade represents a 4.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the firm’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 transaction of $67,431.24. Following 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 disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Permian Resources

Several large investors have recently made changes to their positions in PR. UMB Bank n.a. raised its position in shares of Permian Resources by 12.6% in the second 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 during the period. SCS Capital Management LLC raised its position in shares of Permian Resources by 0.6% in the second 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 during the period. Hexagon Capital Partners LLC lifted its holdings in shares of Permian Resources by 30.8% during the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company’s stock worth $54,000 after buying an additional 921 shares in the last quarter. HighPoint Advisor Group LLC lifted its holdings in shares of Permian Resources by 5.1% during the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company’s stock worth $283,000 after buying an additional 986 shares in the last quarter. Finally, Vident Advisory LLC lifted its holdings in shares of Permian Resources by 9.9% during the first quarter. Vident Advisory LLC now owns 11,321 shares of the company’s stock worth $157,000 after buying an additional 1,019 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.