Permian Resources (NYSE:PR) Shares Gap Down Following Analyst Downgrade

Permian Resources Co. (NYSE:PR)’s stock price gapped down prior to trading on Tuesday after Piper Sandler lowered their price target on the stock from $21.00 to $20.00. The stock had previously closed at $14.22, but opened at $13.66. Piper Sandler currently has an overweight rating on the stock. Permian Resources shares last traded at $13.65, with a volume of 924,810 shares trading hands.

PR has been the topic of a number of other research reports. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a report on Wednesday, July 3rd. JPMorgan Chase & Co. reduced their target price on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Wolfe Research started coverage on Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Truist Financial reduced their price target on shares of Permian Resources from $22.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Finally, Benchmark restated a “buy” rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and an average price target of $18.93.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the company’s 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 sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in PR. Rise Advisors LLC bought a new stake in shares of Permian Resources during the first quarter valued at approximately $32,000. Innealta Capital LLC acquired a new stake in shares of Permian Resources in the 2nd quarter valued at $30,000. Hexagon Capital Partners LLC increased its stake in shares of Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after buying an additional 1,998 shares during the period. Transcendent Capital Group LLC bought a new stake in shares of Permian Resources during the first quarter worth $36,000. Finally, Gilliland Jeter Wealth Management LLC acquired a new position in shares of Permian Resources during the second quarter valued at $40,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

The firm has a fifty day moving average of $14.08 and a 200-day moving average of $15.55. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. The firm has a market cap of $10.54 billion, a P/E ratio of 12.93, a PEG ratio of 0.85 and a beta of 4.32.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same period last year, the firm earned $0.27 earnings per share. The business’s revenue for the quarter was up 99.9% on a year-over-year basis. Research analysts predict that Permian Resources Co. will post 1.49 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.75%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

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.