Permian Resources (NYSE:PR) Stock Price Down 3.9% – Here’s What Happened

Permian Resources Co. (NYSE:PR) shares fell 3.9% during trading on Friday . The stock traded as low as $14.66 and last traded at $14.67. 786,351 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 9,900,867 shares. The stock had previously closed at $15.27.

Analyst Ratings Changes

PR has been the topic of a number of recent analyst reports. Mizuho dropped their price objective on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research note on Monday, October 14th. Truist Financial raised their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, November 8th. Piper Sandler boosted their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, Benchmark dropped their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Two research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Price Performance

The company has a market capitalization of $11.79 billion, a price-to-earnings ratio of 8.89, a PEG ratio of 0.91 and a beta of 4.35. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The company’s 50 day simple moving average is $14.60 and its 200-day simple moving average is $14.86.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources’s revenue was up 60.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 earnings per share. On average, equities research analysts predict that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.09%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s payout ratio is 36.36%.

Institutional Investors Weigh In On Permian Resources

Large investors have recently modified their holdings of the stock. Tributary Capital Management LLC raised its stake in shares of Permian Resources by 8,360.8% during the third quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock valued at $699,000 after purchasing an additional 50,750 shares during the period. Point72 Asset Management L.P. increased its stake in Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock worth $74,811,000 after buying an additional 2,023,742 shares during the period. South Street Advisors LLC acquired a new position in Permian Resources in the 3rd quarter worth $7,142,000. Oppenheimer Asset Management Inc. purchased a new position in Permian Resources in the 3rd quarter valued at about $556,000. Finally, King Luther Capital Management Corp grew its stake in shares of Permian Resources by 8.3% during the third quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company’s stock valued at $71,241,000 after acquiring an additional 402,515 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.