Permian Resources (NYSE:PR) Shares Down 5.8% – Here’s Why

Permian Resources Corporation (NYSE:PR)’s share price was down 5.8% on Monday . The stock traded as low as $13.49 and last traded at $13.5630. Approximately 2,563,631 shares traded hands during trading, a decline of 40% from the average daily volume of 4,307,249 shares. The stock had previously closed at $14.40.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on PR. Wall Street Zen raised Permian Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. The Goldman Sachs Group lifted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a research report on Thursday, November 20th. Wells Fargo & Company cut their target price on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday, October 17th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.07.

Permian Resources Trading Down 4.3%

The business has a 50 day simple moving average of $13.83 and a 200-day simple moving average of $13.63. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The stock has a market capitalization of $11.43 billion, a price-to-earnings ratio of 12.66 and a beta of 0.66.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.22). The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The business’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.53 EPS. As a group, equities analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date was Wednesday, December 17th. Permian Resources’s dividend payout ratio is presently 55.05%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PR. Tudor Investment Corp ET AL grew its holdings in Permian Resources by 14,373.0% in the third quarter. Tudor Investment Corp ET AL now owns 1,635,450 shares of the company’s stock worth $20,934,000 after purchasing an additional 1,624,150 shares during the period. Allworth Financial LP boosted its stake in Permian Resources by 18.7% in the third quarter. Allworth Financial LP now owns 6,445 shares of the company’s stock valued at $82,000 after acquiring an additional 1,015 shares during the last quarter. Swiss Life Asset Management Ltd lifted its position in shares of Permian Resources by 74.6% during the 3rd quarter. Swiss Life Asset Management Ltd now owns 27,078 shares of the company’s stock valued at $347,000 after buying an additional 11,572 shares during the last quarter. CIBC Bancorp USA Inc. bought a new stake in shares of Permian Resources in the third quarter valued at approximately $1,324,000. Finally, Sunbelt Securities Inc. boosted its holdings in shares of Permian Resources by 52.7% in the third quarter. Sunbelt Securities Inc. now owns 26,092 shares of the company’s stock worth $334,000 after acquiring an additional 9,000 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.