Permian Resources (NYSE:PR) Reaches New 52-Week Low – Here’s Why

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PR. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Williams Trading set a $19.00 price objective on shares of Permian Resources in a research note on Wednesday, March 5th. Bank of America cut their target price on Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, April 1st. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and lifted their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Finally, Morgan Stanley cut their price target on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.13.

Permian Resources Price Performance

The stock’s 50-day moving average is $13.87 and its 200 day moving average is $14.34. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market cap of $8.69 billion, a PE ratio of 6.61, a PEG ratio of 4.05 and a beta of 3.81.

Permian Resources Announces Dividend

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

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.03, for a total transaction of $39,340.12. Following the sale, the executive vice president now owns 74,433 shares in the company, valued at approximately $1,044,294.99. The trade was a 3.63 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director William J. Quinn acquired 500,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the acquisition, the director now directly owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This trade represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 9,685 shares of company stock worth $135,687. 12.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

Large investors have recently bought and sold shares of the company. First Hawaiian Bank boosted its holdings in shares of Permian Resources by 6.0% in the 1st quarter. First Hawaiian Bank now owns 102,172 shares of the company’s stock valued at $1,415,000 after acquiring an additional 5,744 shares during the last quarter. Wellington Management Group LLP grew its position in Permian Resources by 1,435.0% during the 4th quarter. Wellington Management Group LLP now owns 650,900 shares of the company’s stock worth $9,360,000 after purchasing an additional 608,496 shares during the period. California State Teachers Retirement System raised its stake in shares of Permian Resources by 12.5% during the 4th quarter. California State Teachers Retirement System now owns 562,494 shares of the company’s stock valued at $8,089,000 after buying an additional 62,339 shares during the last quarter. Ameriflex Group Inc. acquired a new position in shares of Permian Resources in the 4th quarter valued at about $89,000. Finally, Forum Financial Management LP lifted its holdings in shares of Permian Resources by 39.1% in the 4th quarter. Forum Financial Management LP now owns 20,280 shares of the company’s stock valued at $292,000 after buying an additional 5,705 shares during the period. 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.