Permian Resources (NYSE:PR) Hits New 52-Week Low After Analyst Downgrade

Shares of Permian Resources Co. (NYSE:PR - Get Free Report) reached a new 52-week low during mid-day trading on Tuesday after Piper Sandler lowered their price target on the stock from $21.00 to $20.00. Piper Sandler currently has an overweight rating on the stock. Permian Resources traded as low as $12.48 and last traded at $12.57, with a volume of 558270 shares trading hands. The stock had previously closed at $12.94.

Several other research firms also recently issued reports on PR. Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and boosted their price objective for the company from $17.00 to $20.00 in a report on Wednesday. Morgan Stanley started coverage on Permian Resources in a research note on Friday, January 10th. They set an "overweight" rating and a $19.00 target price for the company. Truist Financial boosted their target price on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. Finally, Citigroup lowered their target price on Permian Resources from $18.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday. One research analyst has rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Permian Resources currently has an average rating of "Buy" and a consensus target price of $19.31.

Insider Transactions at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the business's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares of the company's stock, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP John Charles Bell sold 2,804 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the sale, the executive vice president now directly owns 74,433 shares of the company's stock, valued at $1,044,294.99. The trade was a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is currently owned by corporate insiders.

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Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Permian Resources by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock valued at $944,487,000 after purchasing an additional 870,622 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Permian Resources by 60.4% during 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 acquiring an additional 12,306,854 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources during the 4th quarter valued at approximately $431,676,000. State Street Corp raised its stake in Permian Resources by 6.1% during the 3rd quarter. State Street Corp now owns 22,027,153 shares of the company's stock valued at $299,790,000 after acquiring an additional 1,263,460 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Permian Resources by 1.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after acquiring an additional 291,444 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Trading Up 1.9 %

The company has a 50 day simple moving average of $14.58 and a 200 day simple moving average of $14.39. 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 stock has a market capitalization of $10.18 billion, a PE ratio of 7.68, a P/E/G ratio of 4.05 and a beta of 4.30.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.73%. The ex-dividend date is Monday, March 17th. Permian Resources's dividend payout ratio is presently 41.96%.

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.