Mizuho Lowers Permian Resources (NASDAQ:PR) Price Target to $19.00

Permian Resources (NASDAQ:PR - Get Free Report) had its target price cut by stock analysts at Mizuho from $22.00 to $19.00 in a research note issued to investors on Monday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Mizuho's price objective suggests a potential upside of 39.35% from the company's current price.

A number of other research analysts have also recently issued reports on PR. BMO Capital Markets upgraded Permian Resources from a "market perform" rating to an "outperform" rating and set a $21.00 target price on the stock in a research report on Wednesday, July 3rd. UBS Group dropped their price objective on shares of Permian Resources from $21.00 to $19.00 and set a "buy" rating for the company in a research note on Friday, August 9th. Citigroup cut their target price on shares of Permian Resources from $20.00 to $18.00 and set a "buy" rating on the stock in a research report on Friday, August 9th. Benchmark reiterated a "buy" rating and set a $17.00 price target on shares of Permian Resources in a report on Wednesday, August 7th. Finally, Susquehanna dropped their price objective on shares of Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, September 4th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $19.57.

Permian Resources Stock Performance

Shares of PR traded up $0.14 during midday trading on Monday, reaching $13.64. 9,117,844 shares of the stock were exchanged, compared to its average volume of 9,937,708. The stock's 50 day simple moving average is $14.70 and its 200 day simple moving average is $15.89. The company has a market cap of $10.50 billion, a P/E ratio of 12.40, a PEG ratio of 0.71 and a beta of 4.33. Permian Resources has a twelve month low of $12.34 and a twelve month high of $18.28. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40.

Permian Resources (NASDAQ:PR - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business's revenue for the quarter was up 99.9% on a year-over-year basis. During the same period last year, the firm earned $0.27 earnings per share. On average, sell-side analysts expect that Permian Resources will post 1.63 earnings per share for the current year.

Insider Activity

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the company's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. The disclosure for this sale can be found here. Company insiders own 12.80% of the company's stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently bought and sold shares of PR. Sanctuary Advisors LLC purchased a new position in Permian Resources during the second quarter worth about $607,000. Teachers Retirement System of The State of Kentucky boosted its stake in shares of Permian Resources by 27.0% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 158,900 shares of the company's stock worth $2,566,000 after buying an additional 33,800 shares during the last quarter. Truist Financial Corp purchased a new position in shares of Permian Resources in the 2nd quarter worth approximately $9,473,000. Creative Planning grew its holdings in shares of Permian Resources by 49.1% in the second quarter. Creative Planning now owns 87,703 shares of the company's stock valued at $1,416,000 after acquiring an additional 28,868 shares in the last quarter. Finally, Algert Global LLC increased its position in shares of Permian Resources by 1,475.9% during the second quarter. Algert Global LLC now owns 612,536 shares of the company's stock valued at $9,892,000 after acquiring an additional 573,666 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.