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

Permian Resources Co. (NYSE:PR) shares hit 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. The stock had previously closed at $12.94.

Other equities research analysts also recently issued research reports about the company. Morgan Stanley initiated coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price target for the company. Piper Sandler upped their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Finally, Truist Financial boosted their target price on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $19.06.

Insider Activity

In related 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 transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently modified their holdings of PR. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in Permian Resources by 0.5% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock valued at $2,021,000 after buying an additional 662 shares during the period. Louisiana State Employees Retirement System grew its holdings in Permian Resources by 0.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company’s stock valued at $2,540,000 after purchasing an additional 700 shares during the last quarter. Sunbelt Securities Inc. increased its stake in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after buying an additional 800 shares during the period. CIBC Asset Management Inc raised its position in Permian Resources by 5.4% during the 4th quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock valued at $226,000 after purchasing an additional 805 shares in the last quarter. Finally, Principal Securities Inc. boosted its stake in shares of Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after purchasing an additional 852 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Stock Down 2.8 %

The company has a market capitalization of $10.10 billion, a PE ratio of 7.62, a price-to-earnings-growth ratio of 4.05 and a beta of 4.28. The business’s 50-day simple moving average is $14.69 and its 200-day simple moving average is $14.45. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.77%. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

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.