Permian Resources (NYSE:PR) Downgraded by Wall Street Zen to Sell

Key Points

• Permian Resources (NYSE:PR) has been downgraded from a "hold" rating to a "sell" rating by Wall Street Zen in a recent report.
• Despite the downgrade, other analysts have raised their price targets for the stock, with Royal Bank Of Canada increasing it from $16.00 to $17.00 and UBS Group raising it from $14.00 to $16.00.
• The company's shares opened at $13.25 and have experienced fluctuations with a one-year low of $10.01 and a high of $16.33, illustrating significant volatility.

Wall Street Zen downgraded shares of Permian Resources (NYSE:PR - Free Report) from a hold rating to a sell rating in a research report report published on Saturday morning.

A number of other research firms also recently issued reports on PR. The Goldman Sachs Group raised their price target on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 16th. Susquehanna raised their price target on Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research note on Wednesday, July 23rd. Bank of America raised their price target on Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research note on Friday, May 23rd. Wells Fargo & Company dropped their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Monday, June 16th. Finally, UBS Group raised their price target on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research note on Monday, May 12th. Two analysts have rated the stock with a sell rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $18.47.

Permian Resources Stock Up 2.9%

Permian Resources stock traded up $0.38 during mid-day trading on Friday, hitting $13.37. The company had a trading volume of 9,114,458 shares, compared to its average volume of 10,135,823. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The stock's 50 day moving average price is $13.90 and its two-hundred day moving average price is $13.39. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.33. The company has a market capitalization of $10.74 billion, a PE ratio of 8.69 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period last year, the business posted $0.39 EPS. The company's revenue was down 3.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.5%. Permian Resources's payout ratio is 38.96%.

Hedge Funds Weigh In On Permian Resources

Institutional investors and hedge funds have recently bought and sold shares of the stock. LPL Financial LLC lifted its position in shares of Permian Resources by 26.7% in the fourth quarter. LPL Financial LLC now owns 223,762 shares of the company's stock valued at $3,218,000 after acquiring an additional 47,087 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Permian Resources by 16.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 649,708 shares of the company's stock valued at $9,343,000 after acquiring an additional 94,063 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Permian Resources by 2.2% in the fourth quarter. Federated Hermes Inc. now owns 64,079 shares of the company's stock valued at $921,000 after acquiring an additional 1,404 shares in the last quarter. Invesco Ltd. lifted its position in shares of Permian Resources by 56.1% in the fourth quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock valued at $113,900,000 after acquiring an additional 2,845,449 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in shares of Permian Resources by 4.3% in the fourth quarter. Legal & General Group Plc now owns 995,395 shares of the company's stock valued at $14,314,000 after acquiring an additional 41,271 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

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.