Permian Resources (NYSE:PR) Sets New 1-Year High – Here’s What Happened

Permian Resources Corporation (NYSE:PR)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $19.09 and last traded at $18.6970, with a volume of 1596626 shares. The stock had previously closed at $18.29.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th. Zacks Research raised Permian Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Mizuho boosted their price target on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Bank of America reaffirmed a “neutral” rating and set a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Finally, TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a research note on Monday, February 9th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.64.

Permian Resources Stock Up 2.0%

The stock has a market cap of $15.48 billion, a price-to-earnings ratio of 14.92 and a beta of 0.66. The business’s 50 day moving average is $15.52 and its 200-day moving average is $14.21. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same period last year, the firm posted $0.36 earnings per share. The company’s revenue was down 9.8% compared to the same quarter last year. On average, sell-side analysts predict that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.16 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date is Tuesday, March 17th. This represents a $0.64 annualized dividend and a yield of 3.4%. Permian Resources’s dividend payout ratio (DPR) is presently 48.00%.

Insiders Place Their Bets

In other news, EVP Robert Regan Shannon sold 106,405 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,300.15. Following the sale, the executive vice president directly owned 360,667 shares of the company’s stock, valued at $4,915,891.21. The trade was a 22.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Charles Bell sold 106,399 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the sale, the executive vice president directly owned 376,442 shares in the company, valued at approximately $5,130,904.46. This trade represents a 22.04% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 2,210,456 shares of company stock valued at $30,231,728. 12.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently added to or reduced their stakes in PR. Farther Finance Advisors LLC increased its stake in shares of Permian Resources by 114.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after acquiring an additional 1,047 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Permian Resources by 154.4% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after acquiring an additional 1,391 shares during the last quarter. Parkside Financial Bank & Trust grew its position in Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after acquiring an additional 1,357 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Permian Resources during the fourth quarter worth $39,000. Finally, State of Wyoming grew its holdings in shares of Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

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.