Permian Resources (NYSE:PR) Hits New 1-Year Low on Analyst Downgrade

Permian Resources Co. (NYSE:PR)’s stock price hit a new 52-week low during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $18.00 to $17.00. Citigroup currently has a buy rating on the stock. Permian Resources traded as low as $12.48 and last traded at $12.57, with a volume of 558270 shares changing hands. The stock had previously closed at $12.94.

PR has been the topic of several other reports. Morgan Stanley started coverage on Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 target price on the stock. Piper Sandler upped 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 Wednesday, January 29th. Finally, Truist Financial lifted their target price on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $19.06.

Insider Transactions at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

A number of institutional investors have recently bought and sold shares of the stock. State of Alaska Department of Revenue grew its holdings in Permian Resources by 32.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 73,710 shares of the company’s stock valued at $1,003,000 after purchasing an additional 18,025 shares during the last quarter. Nisa Investment Advisors LLC raised its holdings in shares of Permian Resources by 151.4% in the third quarter. Nisa Investment Advisors LLC now owns 17,179 shares of the company’s stock worth $234,000 after buying an additional 10,346 shares during the period. New York State Teachers Retirement System raised its holdings in shares of Permian Resources by 42.8% in the third quarter. New York State Teachers Retirement System now owns 197,179 shares of the company’s stock worth $2,684,000 after buying an additional 59,099 shares during the period. River Road Asset Management LLC boosted its holdings in Permian Resources by 0.9% during the 3rd quarter. River Road Asset Management LLC now owns 5,002,382 shares of the company’s stock valued at $68,082,000 after acquiring an additional 43,885 shares during the period. Finally, Callahan Advisors LLC boosted its holdings in Permian Resources by 25.7% during the 3rd quarter. Callahan Advisors LLC now owns 14,674 shares of the company’s stock valued at $200,000 after acquiring an additional 3,000 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Performance

The firm has a market cap of $10.09 billion, a PE ratio of 7.62, a price-to-earnings-growth ratio of 4.05 and a beta of 4.28. The business has a 50 day simple moving average of $14.66 and a two-hundred day simple moving average of $14.43. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.78%. The ex-dividend date is Monday, March 17th. Permian Resources’s dividend payout ratio is presently 41.96%.

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.