Permian Resources (NYSE:PR) Hits New 12-Month Low - Should You Sell?

Permian Resources Co. (NYSE:PR - Get Free Report)'s share price reached a new 52-week low on Monday . The company traded as low as $10.05 and last traded at $10.28, with a volume of 1310265 shares. The stock had previously closed at $10.75.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of analyst reports. Piper Sandler cut their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. Bank of America reduced their target price on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, April 1st. Truist Financial raised their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a report on Monday, January 13th. Morgan Stanley reduced their price target on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. Finally, Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and boosted their target price for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, Permian Resources currently has an average rating of "Moderate Buy" and a consensus target price of $18.80.

Permian Resources Stock Up 4.6 %

The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The business's 50-day simple moving average is $13.33 and its 200-day simple moving average is $14.19. The company has a market capitalization of $8.87 billion, a PE ratio of 6.69, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81.

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Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.43%. Permian Resources's payout ratio is currently 41.96%.

Insider Activity

In related news, CAO Robert Regan Shannon sold 2,731 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the transaction, the chief accounting officer now owns 58,668 shares of the company's stock, valued at approximately $822,525.36. This represents a 4.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Guy M. Oliphint sold 4,150 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $13.99, for a total value of $58,058.50. Following the completion of the sale, the chief financial officer now directly owns 130,467 shares in the company, valued at approximately $1,825,233.33. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,685 shares of company stock valued at $135,687 in the last quarter. 12.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Permian Resources

Several institutional investors have recently bought and sold shares of PR. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in shares of Permian Resources in the fourth quarter worth about $431,676,000. Price T Rowe Associates Inc. MD grew its stake in shares of Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after buying an additional 12,306,854 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Permian Resources by 55.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock worth $169,864,000 after buying an additional 4,236,141 shares during the last quarter. Freestone Grove Partners LP purchased a new stake in shares of Permian Resources during the 4th quarter valued at approximately $57,114,000. Finally, Invesco Ltd. lifted its holdings in Permian Resources by 56.1% in the fourth quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock valued at $113,900,000 after acquiring an additional 2,845,449 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.