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

Permian Resources Corporation (NYSE:PR) shares gapped down prior to trading on Monday after Mizuho lowered their price target on the stock from $20.00 to $19.00. The stock had previously closed at $13.70, but opened at $13.21. Mizuho currently has an outperform rating on the stock. Permian Resources shares last traded at $13.27, with a volume of 5,569,614 shares traded.

Other equities research analysts have also issued research reports about the company. Wells Fargo & Company upped their price target on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, August 13th. TD Cowen upgraded Permian Resources to a “strong-buy” rating in a research report on Monday, July 7th. William Blair initiated coverage on Permian Resources in a research report on Monday, August 25th. They issued an “outperform” rating on the stock. Susquehanna upped their price target on Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a research report on Wednesday, July 23rd. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Permian Resources currently has an average rating of “Buy” and a consensus price target of $18.47.

Insider Activity

In related news, EVP John Charles Bell sold 4,743 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the sale, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. This represents a 4.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the sale, the executive vice president owned 91,805 shares in the company, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. UMB Bank n.a. boosted its holdings in Permian Resources by 12.6% in the second quarter. UMB Bank n.a. now owns 6,953 shares of the company’s stock worth $95,000 after acquiring an additional 778 shares in the last quarter. SCS Capital Management LLC boosted its holdings in Permian Resources by 0.6% in the second quarter. SCS Capital Management LLC now owns 141,205 shares of the company’s stock worth $1,923,000 after acquiring an additional 870 shares in the last quarter. Hexagon Capital Partners LLC boosted its holdings in Permian Resources by 30.8% in the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company’s stock worth $54,000 after acquiring an additional 921 shares in the last quarter. HighPoint Advisor Group LLC boosted its holdings in Permian Resources by 5.1% in the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company’s stock worth $283,000 after acquiring an additional 986 shares in the last quarter. Finally, Vident Advisory LLC boosted its holdings in Permian Resources by 9.9% in the first quarter. Vident Advisory LLC now owns 11,321 shares of the company’s stock worth $157,000 after acquiring an additional 1,019 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Down 3.3%

The stock has a market capitalization of $10.60 billion, a PE ratio of 8.60 and a beta of 1.42. The firm has a 50 day moving average price of $13.77 and a 200 day moving average price of $13.28. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.39 earnings per share. Equities analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.5%. Permian Resources’s dividend payout ratio is 38.96%.

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.