Permian Resources (NYSE:PR) Shares Gap Down Following 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) 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.

Several other equities research analysts also recently commented on PR. Royal Bank Of Canada reissued an "outperform" rating and issued a $17.00 price objective on shares of Permian Resources in a report on Tuesday, September 2nd. William Blair began coverage on Permian Resources in a report on Monday, August 25th. They set an "outperform" rating for the company. Susquehanna raised their price target on Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a report on Wednesday, July 23rd. Wall Street Zen downgraded Permian Resources from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Finally, UBS Group raised their price target on Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Permian Resources presently has an average rating of "Buy" and an average target price of $18.47.

Insiders Place Their Bets

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the transaction, the executive vice president owned 91,805 shares in the company, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares of the company's stock, valued at $1,528,555.49. The trade was a 4.22% decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PR. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources during the fourth quarter valued at $431,676,000. Nuveen LLC purchased a new stake in Permian Resources during the first quarter valued at $175,525,000. Bank of New York Mellon Corp increased its position in Permian Resources by 86.8% during the second quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company's stock valued at $326,380,000 after acquiring an additional 11,133,354 shares during the last quarter. Boston Partners purchased a new stake in Permian Resources during the second quarter valued at $134,119,000. Finally, Alyeska Investment Group L.P. increased its position in Permian Resources by 300.3% during the first quarter. Alyeska Investment Group L.P. now owns 5,833,001 shares of the company's stock valued at $80,787,000 after acquiring an additional 4,375,930 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

The company has a market cap of $10.63 billion, a PE ratio of 8.63 and a beta of 1.42. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The business has a 50-day moving average of $13.78 and a 200 day moving average of $13.28.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting analysts' consensus estimates of $0.27. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.Permian Resources's revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 earnings per share. Equities research analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.