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

Shares of Permian Resources Co. (NYSE:PR) 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 changing hands.

Several other analysts also recently commented on PR. Citigroup lowered their target price on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Wells Fargo & Company lowered their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. BMO Capital Markets upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a report on Wednesday, July 3rd. The Goldman Sachs Group began coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Finally, Mizuho lowered their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.93.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the 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 owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the 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 owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the 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 transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Permian Resources by 11.2% in the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after acquiring an additional 5,432,654 shares during the period. Massachusetts Financial Services Co. MA lifted its position in 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 valued at $268,213,000 after purchasing an additional 1,471,833 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Permian Resources by 59.6% during 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 purchasing an additional 4,497,184 shares during the last quarter. Renaissance Technologies LLC lifted its position in Permian Resources by 20.6% during the second quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock valued at $147,107,000 after purchasing an additional 1,555,884 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Permian Resources by 480.9% during 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 purchasing an additional 5,012,287 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Trading Down 4.5 %

The firm has a market capitalization of $10.46 billion, a P/E ratio of 12.35, a price-to-earnings-growth ratio of 0.85 and a beta of 4.32. 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’s 50-day simple moving average is $14.07 and its 200-day simple moving average is $15.52.

Permian Resources (NYSE:PR) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same period in the previous year, the business posted $0.27 earnings per share. Permian Resources’s revenue for the quarter was up 99.9% on a year-over-year basis. Analysts anticipate that Permian Resources Co. will post 1.49 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend was Monday, August 19th. 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.