Mizuho Markets Americas LLC Buys 424,564 Shares of Permian Resources Co. (NASDAQ:PR)

Mizuho Markets Americas LLC raised its stake in shares of Permian Resources Co. (NASDAQ:PR - Free Report) by 214.5% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 622,469 shares of the company's stock after purchasing an additional 424,564 shares during the period. Mizuho Markets Americas LLC owned approximately 0.08% of Permian Resources worth $10,053,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PR. Van ECK Associates Corp raised its holdings in shares of Permian Resources by 20.7% in the second quarter. Van ECK Associates Corp now owns 1,966,089 shares of the company's stock valued at $31,752,000 after purchasing an additional 336,660 shares during the last quarter. Commonwealth Equity Services LLC increased its stake in Permian Resources by 6.5% in the 2nd quarter. Commonwealth Equity Services LLC now owns 52,770 shares of the company's stock valued at $852,000 after buying an additional 3,227 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of Permian Resources during the 2nd quarter worth approximately $222,000. Maryland State Retirement & Pension System purchased a new position in shares of Permian Resources in the 2nd quarter worth approximately $790,000. Finally, WBI Investments LLC purchased a new position in shares of Permian Resources in the 2nd quarter worth approximately $1,345,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Price Performance

Shares of NASDAQ PR traded down $0.22 during trading hours on Friday, reaching $14.24. 4,612,263 shares of the stock traded hands, compared to its average volume of 9,994,479. The company has a market capitalization of $11.43 billion, a P/E ratio of 12.95, a price-to-earnings-growth ratio of 0.79 and a beta of 4.37. The company's 50-day simple moving average is $15.30 and its two-hundred day simple moving average is $15.99. 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 Co. has a 52-week low of $12.34 and a 52-week high of $18.28.

Permian Resources (NASDAQ:PR - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company had revenue of $1.25 billion for the quarter, compared to analysts' expectations of $1.23 billion. During the same quarter last year, the company earned $0.27 EPS. The firm's revenue was up 99.9% compared to the same quarter last year. Equities research analysts forecast that Permian Resources Co. will post 1.63 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.69%. Permian Resources's dividend payout ratio is currently 21.82%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PR. Mizuho boosted their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock a "buy" rating in a report on Wednesday, May 8th. Truist Financial increased their target price on shares of Permian Resources from $21.00 to $22.00 and gave the company a "buy" rating in a research report on Tuesday, July 30th. BMO Capital Markets raised shares of Permian Resources from a "market perform" rating to an "outperform" rating and set a $21.00 price target on the stock in a report on Wednesday, July 3rd. Wolfe Research began coverage on Permian Resources in a report on Thursday, July 18th. They set a "peer perform" rating for the company. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $20.00 price target on shares of Permian Resources in a research report on Monday, August 12th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $20.00.

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.