Permian Resources (NYSE:PR) Trading Down 5.8% – What’s Next?

Permian Resources Corporation (NYSE:PR) traded down 5.8% during mid-day trading on Monday . The stock traded as low as $13.49 and last traded at $13.5630. 2,563,631 shares were traded during trading, a decline of 40% from the average session volume of 4,307,249 shares. The stock had previously closed at $14.40.

Wall Street Analysts Forecast Growth

PR has been the subject of several research reports. Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a research report on Thursday, November 20th. Wells Fargo & Company lowered their price target on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a report on Friday, October 17th. UBS Group boosted their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, December 12th. The Goldman Sachs Group upped their price objective on Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Finally, Royal Bank Of Canada lifted their target price on Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research note on Thursday, October 9th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.07.

Permian Resources Price Performance

The firm has a market capitalization of $11.19 billion, a price-to-earnings ratio of 9.59 and a beta of 0.66. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The company’s fifty day moving average is $13.88 and its two-hundred day moving average is $13.61.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter in the previous year, the firm posted $0.53 EPS. The business’s revenue was up 8.7% on a year-over-year basis. Equities research analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.4%. Permian Resources’s dividend payout ratio (DPR) is 55.05%.

Institutional Trading of Permian Resources

Hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Permian Resources by 10.4% during the third quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after purchasing an additional 6,705,644 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Permian Resources by 20.9% during the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after purchasing an additional 4,691,280 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Permian Resources by 86.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company’s stock valued at $326,380,000 after buying an additional 11,133,354 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Permian Resources by 8.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after buying an additional 1,421,059 shares in the last quarter. Finally, Boston Partners lifted its holdings in Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after acquiring an additional 7,503,654 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.