Permian Resources (NASDAQ:PR) Stock Price Down 4.7%

Permian Resources Co. (NASDAQ:PR)’s stock price traded down 4.7% on Friday . The company traded as low as $15.99 and last traded at $16.00. 4,477,314 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 10,111,233 shares. The stock had previously closed at $16.79.

Analyst Ratings Changes

Several research firms recently commented on PR. Susquehanna raised their price target on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, April 22nd. Benchmark reaffirmed a “buy” rating and set a $17.00 price objective on shares of Permian Resources in a report on Tuesday, April 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Friday, April 12th. Wells Fargo & Company increased their price objective on shares of Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Finally, Stifel Nicolaus increased their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 22nd. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $20.36.

Permian Resources Stock Down 4.5 %

The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42. The company has a market cap of $12.34 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 0.65 and a beta of 4.37. The firm’s fifty day simple moving average is $16.14 and its 200 day simple moving average is $15.49.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.36 by $0.06. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. The company had revenue of $1.24 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Sell-side analysts predict that Permian Resources Co. will post 1.78 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.50%. The ex-dividend date of this dividend was Monday, May 20th. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s payout ratio is currently 21.82%.

Insider Activity at Permian Resources

In related news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the sale, the director now owns 158,665 shares in the company, valued at approximately $2,605,279.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 12.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently made changes to their positions in PR. Global Retirement Partners LLC acquired a new stake in Permian Resources in the 1st quarter valued at about $25,000. YHB Investment Advisors Inc. purchased a new position in shares of Permian Resources during the 1st quarter worth approximately $26,000. Rise Advisors LLC acquired a new position in shares of Permian Resources during the 1st quarter worth approximately $32,000. Transcendent Capital Group LLC purchased a new stake in Permian Resources in the 1st quarter valued at approximately $36,000. Finally, Parallel Advisors LLC increased its position in Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after buying an additional 1,178 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

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.