Permian Resources (NASDAQ:PR) Stock Price Down 4.5%

Permian Resources Co. (NASDAQ:PRGet Rating) shares dropped 4.5% during mid-day trading on Friday . The stock traded as low as $10.19 and last traded at $10.42. Approximately 30,964 shares changed hands during mid-day trading, a decline of 100% from the average daily volume of 6,319,725 shares. The stock had previously closed at $10.91.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on PR shares. JPMorgan Chase & Co. reduced their price target on Permian Resources from $12.00 to $11.00 and set an “overweight” rating for the company in a research report on Thursday, October 20th. Citigroup began coverage on Permian Resources in a research report on Wednesday, October 26th. They set a “buy” rating and a $12.00 target price for the company. Finally, Piper Sandler upped their price objective on Permian Resources from $12.00 to $15.00 and gave the stock an “overweight” rating in a report on Thursday.

Permian Resources Stock Performance

The firm has a market capitalization of $6.01 billion, a price-to-earnings ratio of 5.80 and a beta of 4.63. The stock’s 50-day moving average is $8.95. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.72 and a current ratio of 0.72.

Permian Resources (NASDAQ:PRGet Rating) last announced its earnings results on Tuesday, November 8th. The company reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.02). The firm had revenue of $549.78 million during the quarter, compared to the consensus estimate of $507.25 million. Permian Resources had a return on equity of 16.19% and a net margin of 35.15%. On average, research analysts expect that Permian Resources Co. will post 1.8 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently announced a — dividend, which will be paid on Tuesday, November 29th. Shareholders of record on Monday, November 21st will be paid a dividend of $0.05 per share. The ex-dividend date of this dividend is Friday, November 18th.

Insider Buying and Selling at Permian Resources

In other news, COO Matthew R. Garrison sold 40,000 shares of the stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $9.00, for a total transaction of $360,000.00. Following the transaction, the chief operating officer now directly owns 1,187,566 shares of the company’s stock, valued at approximately $10,688,094. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CAO Brent P. Jensen sold 50,000 shares of Permian Resources stock in a transaction that occurred on Friday, October 7th. The shares were sold at an average price of $9.25, for a total transaction of $462,500.00. Following the completion of the sale, the chief accounting officer now owns 1,017,983 shares of the company’s stock, valued at $9,416,342.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Matthew R. Garrison sold 40,000 shares of Permian Resources stock in a transaction on Thursday, October 6th. The stock was sold at an average price of $9.00, for a total transaction of $360,000.00. Following the completion of the transaction, the chief operating officer now directly owns 1,187,566 shares in the company, valued at $10,688,094. The disclosure for this sale can be found here. In the last three months, insiders have sold 240,000 shares of company stock worth $2,327,900. Insiders own 29.20% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several hedge funds have recently added to or reduced their stakes in PR. First Horizon Advisors Inc. purchased a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $31,000. Strategic Asset Management LLC acquired a new stake in shares of Permian Resources in the 3rd quarter valued at $34,000. Neo Ivy Capital Management acquired a new stake in Permian Resources during the 3rd quarter worth $46,000. Public Employees Retirement System of Ohio acquired a new stake in Permian Resources during the 3rd quarter worth $64,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Permian Resources during the 3rd quarter worth $65,000.

Permian Resources Company Profile

(Get Rating)

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. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks primarily in Reeves County, West Texas and Lea County, New Mexico.

Featured Articles

Receive News & Ratings for Permian Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Permian Resources and related companies with MarketBeat.com's FREE daily email newsletter.