Why These Energy Stocks are Losing This Week

6. Permian Resources Corporation (NYSE:PR

Share Price Decline Between Sep. 26 – Oct. 3: 7.97%

Next on our list of Energy Stocks that are Losing This Week is Permian Resources Corporation (NYSE:PR), an independent oil and natural gas company with operations focused in the Permian Basin, with assets concentrated in the core of the Delaware Basin.

Permian Resources Corporation (NYSE:PR) witnessed a downturn this week, possibly due to a decline in global oil prices. The WTI crude oil price recently fell by almost 8% to a 4-month low as the rising output from OPEC+ and a potential US government shutdown continued to weigh on the market, offsetting short-term geopolitical tensions.

On a more positive note, Scotiabank analyst Paul Cheng recently initiated coverage of Permian Resources Corporation (NYSE:PR) with an ‘Outperform’ rating and a price target of $21. According to the analyst, the energy company is positioned for greater free cash flow growth and has a deeper inventory relative to peers.

Moreover, as of the writing of this piece, Permian Resources Corporation (NYSE:PR) boasts an impressive annual dividend yield of 4.77%, putting it on our list of the 15 Best Natural Gas and Oil Dividend Stocks to Buy Now.