Permian Resources (NYSE:PR) Cut to “Hold (C+)” at Weiss Ratings

Weiss Ratings cut shares of Permian Resources (NYSE:PR) from a buy (b-) rating to a hold (c+) rating in a report published on Saturday,Weiss Ratings reports.

Other research analysts have also recently issued reports about the stock. Mizuho decreased their target price on shares of Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Royal Bank Of Canada raised their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Thursday, October 9th. Wall Street Zen cut Permian Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. Morgan Stanley increased their target price on Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Finally, Susquehanna boosted their price target on Permian Resources from $19.00 to $20.00 and gave the stock a “positive” rating in a research note on Wednesday, July 23rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and an average target price of $18.73.

Permian Resources Trading Up 0.9%

Permian Resources stock opened at $12.60 on Friday. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.33. The company has a market capitalization of $10.08 billion, a price-to-earnings ratio of 8.18 and a beta of 1.32. The business’s fifty day simple moving average is $13.26 and its two-hundred day simple moving average is $13.26. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting 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 revenue was down 3.9% on a year-over-year basis. During the same period last year, the company earned $0.39 earnings per share. As a group, equities analysts predict that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Tuesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is 38.96%.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently bought and sold shares of PR. Farther Finance Advisors LLC grew its holdings in Permian Resources by 114.1% during the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after purchasing an additional 1,047 shares during the period. Allworth Financial LP lifted its position in shares of Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock valued at $29,000 after buying an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of Permian Resources during the 1st quarter valued at approximately $30,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Permian Resources by 154.4% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after acquiring an additional 1,391 shares during the period. Finally, Keystone Global Partners LLC purchased a new stake in Permian Resources in the 1st quarter worth approximately $36,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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.