Permian Resources (NYSE:PR) Shares Gap Down – Time to Sell?

Permian Resources Co. (NYSE:PR) gapped down prior to trading on Monday . The stock had previously closed at $13.91, but opened at $13.44. Permian Resources shares last traded at $13.55, with a volume of 1,891,337 shares changing hands.

Analyst Upgrades and Downgrades

PR has been the subject of several recent research reports. BMO Capital Markets upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a report on Wednesday, July 3rd. Mizuho reduced their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. The Goldman Sachs Group assumed coverage on shares of Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 price target for the company. Piper Sandler reduced their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday, October 15th. Finally, Benchmark cut their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $18.73.

Permian Resources Price Performance

The firm has a market cap of $10.87 billion, a price-to-earnings ratio of 10.84, a price-to-earnings-growth ratio of 0.84 and a beta of 4.32. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The company’s 50-day moving average is $13.93 and its 200-day moving average is $15.24.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same period last year, the company posted $0.27 EPS. Equities research analysts predict that Permian Resources Co. will post 1.46 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.77%. Permian Resources’s payout ratio is presently 19.20%.

Insider Buying and Selling at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC boosted its stake in shares of Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares during the last quarter. Innealta Capital LLC acquired a new stake in Permian Resources during the second quarter worth approximately $30,000. Transcendent Capital Group LLC bought a new stake in shares of Permian Resources in the 1st quarter valued at $36,000. UMB Bank n.a. increased its position in Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after buying an additional 1,390 shares in the last quarter. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in Permian Resources during the 2nd quarter valued at $40,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.