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

Permian Resources Co. (NYSE:PR - Get Free Report)'s stock price gapped down prior to trading on Tuesday after Piper Sandler lowered their price target on the stock from $21.00 to $20.00. The stock had previously closed at $14.22, but opened at $13.66. Piper Sandler currently has an overweight rating on the stock. Permian Resources shares last traded at $13.65, with a volume of 924,810 shares changing hands.

Other equities analysts have also issued research reports about the company. Truist Financial dropped their price objective on Permian Resources from $22.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, September 30th. Wolfe Research initiated coverage on Permian Resources in a research report on Thursday, July 18th. They set a "peer perform" rating on the stock. Mizuho reduced their price objective on Permian Resources from $22.00 to $19.00 and set an "outperform" rating for the company in a research note on Monday, September 16th. BMO Capital Markets upgraded shares of Permian Resources from a "market perform" rating to an "outperform" rating and set a $21.00 target price on the stock in a research report on Wednesday, July 3rd. Finally, UBS Group cut their target price on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating on the stock in a report on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $18.93.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares of the company's stock, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CAO Robert Regan Shannon sold 4,822 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP John Charles Bell sold 4,821 shares of the company's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Permian Resources

Large investors have recently bought and sold shares of the company. Hexagon Capital Partners LLC grew its position in shares of Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock valued at $27,000 after purchasing an additional 1,998 shares during the last quarter. Innealta Capital LLC purchased a new position in Permian Resources during the second quarter worth $30,000. Rise Advisors LLC acquired a new position in shares of Permian Resources in the first quarter worth $32,000. Transcendent Capital Group LLC purchased a new stake in shares of Permian Resources in the first quarter valued at $36,000. Finally, UMB Bank n.a. boosted its stake in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock valued at $38,000 after acquiring an additional 1,390 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Trading Down 4.5 %

The business has a 50-day moving average of $14.07 and a 200 day moving average of $15.52. The stock has a market cap of $10.46 billion, a PE ratio of 12.35, a PEG ratio of 0.85 and a beta of 4.32. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the previous year, the firm posted $0.27 earnings per share. The company's quarterly revenue was up 99.9% compared to the same quarter last year. Equities research analysts predict that Permian Resources Co. will post 1.49 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.77%. The ex-dividend date was Monday, August 19th. Permian Resources's dividend payout ratio (DPR) is 21.82%.

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.