Permian Resources (NYSE:PR) Cut to Strong Sell at Zacks Research

Zacks Research lowered shares of Permian Resources (NYSE:PR) from a hold rating to a strong sell rating in a research note published on Tuesday,Zacks.com reports.

A number of other research firms have also recently weighed in on PR. Mizuho upped their price target on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a research note on Thursday, November 20th. 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 report on Thursday, October 9th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Permian Resources in a research note on Monday, December 29th. Finally, Piper Sandler decreased their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, November 18th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.79.

Permian Resources Stock Performance

Shares of PR stock opened at $14.61 on Tuesday. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. The company has a market cap of $12.12 billion, a PE ratio of 13.40 and a beta of 0.66. The company’s fifty day simple moving average is $14.22 and its 200-day simple moving average is $13.64. Permian Resources has a 52 week low of $10.01 and a 52 week high of $15.89.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the company posted $0.53 earnings per share. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. As a group, equities research analysts anticipate that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Wednesday, December 17th. Permian Resources’s dividend payout ratio is presently 55.05%.

Insider Buying and Selling

In other news, EVP Guy M. Oliphint sold 172,904 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the sale, the executive vice president owned 616,683 shares of the company’s stock, valued at approximately $8,405,389.29. The trade was a 21.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO James H. Walter sold 467,700 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $6,374,751.00. Following the transaction, the chief executive officer owned 1,010,138 shares of the company’s stock, valued at approximately $13,768,180.94. This represents a 31.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 2,210,456 shares of company stock valued at $30,231,728 in the last three months. 6.44% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PR. Farther Finance Advisors LLC increased its stake in Permian Resources by 114.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after purchasing an additional 1,047 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Permian Resources by 154.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after acquiring an additional 1,391 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of Permian Resources during the second quarter valued at approximately $36,000. Parkside Financial Bank & Trust lifted its position in shares of Permian Resources by 90.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after acquiring an additional 1,357 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Permian Resources in the 2nd quarter valued at approximately $54,000. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.