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

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.

Other equities analysts have also recently issued reports about the stock. Wells Fargo & Company dropped their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. JPMorgan Chase & Co. dropped their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research report on Monday. Truist Financial dropped their target price 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, The Goldman Sachs Group began coverage on shares of Permian Resources in a research report on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Two investment 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 stock. Based on data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and an average target price of $18.93.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CAO Robert Regan Shannon sold 4,822 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 $67,170.46. 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 represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 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 transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently modified their holdings of the company. Simplicity Wealth LLC boosted its stake in Permian Resources by 5.2% during the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock worth $212,000 after acquiring an additional 646 shares in the last quarter. GAMMA Investing LLC boosted its stake in Permian Resources by 19.6% during the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after acquiring an additional 716 shares in the last quarter. Azzad Asset Management Inc. ADV boosted its stake in Permian Resources by 2.0% during the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock worth $677,000 after acquiring an additional 740 shares in the last quarter. Mount Yale Investment Advisors LLC boosted its stake in Permian Resources by 3.1% during the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after acquiring an additional 781 shares in the last quarter. Finally, Larson Financial Group LLC boosted its stake in Permian Resources by 0.5% during the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock worth $3,379,000 after acquiring an additional 949 shares in the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

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’s 50 day moving average is $14.07 and its 200-day moving average is $15.52. 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 (NYSE:PR) last released its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share 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 analyst estimates of $1.23 billion. During the same period last year, the firm earned $0.27 earnings per share. The business’s quarterly revenue was up 99.9% compared to the same quarter last year. As a group, equities analysts anticipate that Permian Resources Co. will post 1.49 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is 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.