Permian Resources (NYSE:PR) Shares Gap Down on Analyst Downgrade

Key Points

• Permian Resources' stock price gapped down to $13.21 after Mizuho lowered their price target from $20.00 to $19.00 but maintains an "outperform" rating.
• Insiders have recently sold shares, with EVP Robert Regan Shannon and EVP John Charles Bell each decreasing their ownership by approximately 4.9%.
• The company announced a quarterly dividend of $0.15, reflecting a 4.5% dividend yield based on an annualized payout of $0.60.

Permian Resources Corporation (NYSE:PR - Get Free Report) shares gapped down before the market opened on Monday after Mizuho lowered their price target on the stock from $20.00 to $19.00. The stock had previously closed at $13.70, but opened at $13.21. Mizuho currently has an outperform rating on the stock. Permian Resources shares last traded at $13.27, with a volume of 5,569,614 shares traded.

Several other analysts have also commented on the stock. Royal Bank Of Canada restated an "outperform" rating and issued a $17.00 price objective on shares of Permian Resources in a report on Tuesday, September 2nd. Wells Fargo & Company raised their target price on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. William Blair began coverage on Permian Resources in a research report on Monday, August 25th. They issued an "outperform" rating on the stock. Susquehanna raised their price objective on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a research report on Wednesday, July 23rd. Finally, Raymond James Financial lowered their price objective on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a research note on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Permian Resources currently has an average rating of "Buy" and a consensus price target of $18.63.

Insider Activity

In other news, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. This trade represents a 4.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of the business's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares of the company's stock, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their position. The disclosure for this sale can be found here. Company insiders own 6.44% of the company's stock.

Institutional Trading of Permian Resources

Several hedge funds have recently bought and sold shares of PR. Allworth Financial LP lifted its position in shares of Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after buying an additional 1,635 shares in the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in Permian Resources during the 1st quarter worth approximately $30,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company's stock valued at $31,000 after purchasing an additional 1,391 shares in the last quarter. Keystone Global Partners LLC bought a new position in shares of Permian Resources in the first quarter worth approximately $36,000. Finally, FNY Investment Advisers LLC purchased a new stake in shares of Permian Resources in the second quarter worth $36,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Down 2.4%

The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The company's 50-day moving average price is $13.70 and its 200 day moving average price is $13.29. The stock has a market capitalization of $10.61 billion, a P/E ratio of 8.61 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The business's revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.39 earnings per share. As a group, equities analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Tuesday, September 16th. Permian Resources's dividend payout ratio (DPR) is 38.96%.

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.