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

Permian Resources Co. (NYSE:PR) gapped down prior to trading on Tuesday after Benchmark lowered their price target on the stock from $17.00 to $14.00. The stock had previously closed at $14.22, but opened at $13.66. Benchmark currently has a buy rating on the stock. Permian Resources shares last traded at $13.65, with a volume of 924,810 shares trading hands.

Several other research analysts have also issued reports on the stock. Citigroup dropped their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research report on Friday, August 9th. JPMorgan Chase & Co. dropped 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. The Goldman Sachs Group started coverage on Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 price target on the stock. Wells Fargo & Company dropped their price objective on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Finally, BMO Capital Markets raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.73.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction 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 completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value 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. 12.80% of the stock is currently owned by company insiders.

Institutional Trading of Permian Resources

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Permian Resources by 11.2% in the 1st quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after purchasing an additional 5,432,654 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Permian Resources by 9.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock worth $268,213,000 after buying an additional 1,471,833 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after buying an additional 4,497,184 shares during the period. Renaissance Technologies LLC boosted its stake in Permian Resources by 20.6% in the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after acquiring an additional 1,555,884 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Permian Resources by 480.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock valued at $106,924,000 after acquiring an additional 5,012,287 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Up 2.9 %

The business’s fifty day simple moving average is $14.07 and its 200 day simple moving average is $15.51. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The stock has a market cap of $10.76 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth 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 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same period in the previous year, the firm earned $0.27 earnings per share. The firm’s quarterly revenue was up 99.9% compared to the same quarter last year. Equities analysts forecast 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 paid a $0.06 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.72%. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

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.