Permian Resources (NYSE:PR) Shares Gap Down – What’s Next?

Shares of Permian Resources Co. (NYSE:PR) gapped down before the market opened on Monday . The stock had previously closed at $13.91, but opened at $13.44. Permian Resources shares last traded at $13.55, with a volume of 1,891,337 shares.

Wall Street Analyst Weigh In

Several equities analysts recently commented on PR shares. Piper Sandler dropped their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Citigroup dropped their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Truist Financial lowered their target price on shares of Permian Resources from $22.00 to $18.00 and set a “buy” rating for the company in a report on Monday, September 30th. Finally, BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research note on Wednesday, July 3rd. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.73.

Permian Resources Trading Down 2.6 %

The firm has a fifty day moving average of $13.96 and a 200-day moving average of $15.30. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. The stock has a market capitalization of $10.87 billion, a price-to-earnings ratio of 10.74, a P/E/G ratio of 0.84 and a beta of 4.32.

Permian Resources (NYSE:PR) last posted its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The company’s revenue for the quarter was up 99.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.27 earnings per share. As a group, equities analysts predict that Permian Resources Co. will post 1.46 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.77%. Permian Resources’s dividend payout ratio is currently 19.20%.

Insider Activity

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

Hedge Funds Weigh In On Permian Resources

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in Permian Resources by 11.2% during the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after purchasing an additional 5,432,654 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Permian Resources by 9.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock valued at $268,213,000 after purchasing an additional 1,471,833 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after purchasing an additional 1,555,884 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Permian Resources by 480.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock valued at $106,924,000 after purchasing an additional 5,012,287 shares during the period. Institutional investors own 91.84% of the company’s stock.

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.