Permian Resources (NYSE:PR) Sets New 1-Year Low – What’s Next?

Shares of Permian Resources Co. (NYSE:PR) reached a new 52-week low on Monday . The company traded as low as $10.05 and last traded at $10.28, with a volume of 1310265 shares trading hands. The stock had previously closed at $10.75.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on PR shares. Morgan Stanley reduced their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Truist Financial increased their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. JPMorgan Chase & Co. dropped their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and increased their price target for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. Finally, Williams Trading set a $19.00 price target on Permian Resources in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and an average price target of $19.13.

Permian Resources Trading Down 4.8 %

The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market capitalization of $8.33 billion, a P/E ratio of 6.28, a PEG ratio of 4.05 and a beta of 3.81. The company’s fifty day simple moving average is $13.60 and its 200-day simple moving average is $14.27.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.79%. Permian Resources’s dividend payout ratio is presently 41.96%.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the sale, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at approximately $1,044,294.99. This represents a 3.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,685 shares of company stock valued at $135,687 over the last 90 days. Corporate insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of hedge funds and other institutional investors have recently bought and sold shares of PR. Principal Securities Inc. lifted its holdings in shares of Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after purchasing an additional 852 shares during the last quarter. ORG Wealth Partners LLC acquired a new position in Permian Resources during the 4th quarter valued at about $31,000. Global Retirement Partners LLC raised its stake in Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after buying an additional 1,232 shares during the last quarter. Rakuten Securities Inc. boosted its holdings in Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after acquiring an additional 2,305 shares in the last quarter. Finally, RE Dickinson Investment Advisors LLC purchased a new stake in shares of Permian Resources during the fourth quarter worth about $41,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.