Permian Resources (NYSE:PR) Price Target Raised to $21.00

Permian Resources (NYSE:PR) had its price target hoisted by Mizuho from $19.00 to $21.00 in a report released on Friday, Marketbeat reports. The firm currently has an outperform rating on the stock.

Several other research analysts have also recently weighed in on PR. Piper Sandler lowered their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a research note on Thursday, November 20th. The Goldman Sachs Group increased their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Scotiabank started coverage on shares of Permian Resources in a report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price target for the company. Finally, Raymond James Financial cut their target price on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a research note on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.07.

Permian Resources Trading Down 0.2%

Shares of Permian Resources stock opened at $14.64 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The stock’s 50 day simple moving average is $13.36 and its 200-day simple moving average is $13.60. The stock has a market cap of $12.14 billion, a P/E ratio of 13.43 and a beta of 0.69. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.03.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.53 EPS. Analysts predict that Permian Resources will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.1%. Permian Resources’s payout ratio is 55.05%.

Institutional Trading of Permian Resources

Large investors have recently modified their holdings of the stock. Farther Finance Advisors LLC grew its stake in Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after purchasing an additional 1,047 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after buying an additional 1,391 shares in the last quarter. Keystone Global Partners LLC purchased a new stake in shares of Permian Resources during the first quarter worth approximately $36,000. FNY Investment Advisers LLC acquired a new stake in Permian Resources in the second quarter valued at approximately $36,000. Finally, Parkside Financial Bank & Trust grew its holdings in Permian Resources by 90.8% during the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after acquiring an additional 1,357 shares in the last quarter. 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.