Permian Resources (NYSE:PR) Sets New 1-Year Low Following Analyst Downgrade

Permian Resources Co. (NYSE:PR)’s stock price reached a new 52-week low during mid-day trading on Tuesday after Citigroup lowered their price target on the stock from $18.00 to $17.00. Citigroup currently has a buy 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 brokerages have also recently issued reports on PR. Morgan Stanley initiated coverage on Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective for the company. Piper Sandler upped their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, January 29th. Finally, Truist Financial lifted their price target on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.06.

Insider Activity at Permian Resources

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

A number of large investors have recently made changes to their positions in the company. Principal Securities Inc. lifted its holdings in shares of Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares during the period. ORG Wealth Partners LLC bought a new position in Permian Resources in the 4th quarter valued at approximately $31,000. Global Retirement Partners LLC boosted its position in Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after buying an additional 1,232 shares during the period. Rakuten Securities Inc. grew its holdings in Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after acquiring an additional 2,305 shares during the last quarter. Finally, RE Dickinson Investment Advisors LLC acquired a new position in Permian Resources in the 4th quarter valued at approximately $41,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Down 2.8 %

The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market cap of $10.10 billion, a price-to-earnings ratio of 7.62, a price-to-earnings-growth ratio of 4.05 and a beta of 4.28. The business’s fifty day moving average price is $14.69 and its 200 day moving average price is $14.45.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.77%. Permian Resources’s dividend payout ratio (DPR) is currently 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.