Permian Resources (NYSE:PR) Shares Gap Down – Here’s What Happened

Permian Resources Co. (NYSE:PR)’s stock price 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 traded.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Royal Bank of Canada restated an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. UBS Group lowered their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Wells Fargo & Company decreased their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. BMO Capital Markets upgraded shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a report on Wednesday, July 3rd. Finally, Wolfe Research initiated coverage on Permian Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.73.

Permian Resources Trading Down 0.4 %

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

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

Permian Resources Dividend Announcement

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

Insider Activity

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

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC increased 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 acquiring an additional 1,998 shares during the last quarter. Innealta Capital LLC bought a new position in Permian Resources during the second quarter worth about $30,000. Transcendent Capital Group LLC bought a new stake in shares of Permian Resources in the first quarter worth about $36,000. UMB Bank n.a. raised its holdings in Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares during the period. Finally, Gilliland Jeter Wealth Management LLC bought a new stake in Permian Resources in the 2nd quarter valued at $40,000. 91.84% of the stock is owned by institutional investors.

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.