Permian Resources (NYSE:PR) Hits New 52-Week Low – Here’s What Happened

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

Analysts Set New Price Targets

Several research firms recently issued reports on PR. JPMorgan Chase & Co. reduced their price target on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Bank of America reduced their price target on Permian Resources from $19.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, April 1st. Citigroup cut shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and increased their price objective for the company from $17.00 to $20.00 in a research report on Wednesday, March 5th. Finally, Truist Financial increased their target price on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.13.

Permian Resources Price Performance

The firm has a 50 day moving average price of $13.87 and a 200 day moving average price of $14.34. The stock has a market capitalization of $8.69 billion, a PE ratio of 6.61, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 5.55%. The ex-dividend date of this dividend was Monday, March 17th. Permian Resources’s payout ratio is 41.96%.

Insider Activity

In other news, EVP John Charles Bell sold 2,804 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value 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 $1,044,294.99. This represents a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director William J. Quinn bought 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now owns 812,429 shares in the company, valued at $10,618,447.03. This represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 9,685 shares of company stock valued at $135,687 in the last ninety days. Corporate insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several institutional investors have recently made changes to their positions in the business. Barrow Hanley Mewhinney & Strauss LLC bought a new position in Permian Resources in the 4th quarter worth approximately $431,676,000. Price T Rowe Associates Inc. MD boosted its position in shares of Permian Resources by 60.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock worth $469,856,000 after acquiring an additional 12,306,854 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Permian Resources by 55.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock valued at $169,864,000 after acquiring an additional 4,236,141 shares in the last quarter. Freestone Grove Partners LP bought a new stake in Permian Resources in the 4th quarter valued at $57,114,000. Finally, Invesco Ltd. lifted its stake in Permian Resources by 56.1% in the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company’s stock worth $113,900,000 after purchasing an additional 2,845,449 shares in the last quarter. 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.