Permian Resources (NYSE:PR) Shares Down 3.9% – Here’s Why

Permian Resources Co. (NYSE:PR) fell 3.9% on Friday . The stock traded as low as $14.66 and last traded at $14.67. 786,351 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 9,900,867 shares. The stock had previously closed at $15.27.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Piper Sandler upped their target price on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Wells Fargo & Company cut their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Mizuho cut their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $18.93.

Permian Resources Price Performance

The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market cap of $11.80 billion, a price-to-earnings ratio of 9.25, a PEG ratio of 0.94 and a beta of 4.35. The stock’s 50-day simple moving average is $14.58 and its 200 day simple moving average is $14.89.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same period in the prior year, the firm earned $0.36 earnings per share. The firm’s revenue was up 60.3% compared to the same quarter last year. On average, equities research analysts anticipate that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. The ex-dividend date was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 4.08%. Permian Resources’s dividend payout ratio is 36.36%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Hexagon Capital Partners LLC boosted its position in shares of Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after acquiring an additional 1,998 shares in the last quarter. Innealta Capital LLC acquired a new stake in shares of Permian Resources during the second quarter worth about $30,000. UMB Bank n.a. lifted its holdings in shares of Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares during the last quarter. Gilliland Jeter Wealth Management LLC purchased a new position in Permian Resources during the 2nd quarter worth approximately $40,000. Finally, Sunbelt Securities Inc. increased its position in Permian Resources by 33.4% during the third 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. 91.84% of the stock is 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.