Shares of Permian Resources Corporation (NYSE:PR – Get Free Report) hit a new 52-week high during trading on Monday. The stock traded as high as $24.81 and last traded at $24.7160, with a volume of 809,037 shares. The stock had previously closed at $24.59.
Wall Street Analyst Weigh In
PR has been the topic of several research analyst reports. Morgan Stanley increased their price target on shares of Permian Resources from $25.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday. UBS Group boosted their price objective on Permian Resources from $24.00 to $29.00 and gave the stock a “buy” rating in a report on Monday, September 14th. Truist Financial boosted their price objective on Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Weiss Ratings raised Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. Finally, Wells Fargo & Company upped their target price on Permian Resources from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday. Five research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Permian Resources currently has an average rating of “Buy” and an average target price of $25.72.
Read Our Latest Analysis on PR
Permian Resources Trading Up 0.3%
The company has a market capitalization of $20.66 billion, a price-to-earnings ratio of 16.33 and a beta of 0.66. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The firm has a fifty day moving average price of $22.79 and a 200-day moving average price of $20.98.
Permian Resources (NYSE:PR – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the prior year, the business posted $0.28 earnings per share. Permian Resources’s revenue was up 55.1% compared to the same quarter last year. As a group, equities analysts anticipate that Permian Resources Corporation will post 2.37 EPS for the current year.
Permian Resources Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were paid a $0.16 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.64 annualized dividend and a yield of 2.6%. Permian Resources’s dividend payout ratio (DPR) is 42.38%.
Insider Activity at Permian Resources
In other news, EVP Guy M. Oliphint sold 5,103 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the sale, the executive vice president directly owned 537,400 shares in the company, valued at approximately $12,763,250. The trade was a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the firm’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the transaction, the executive vice president directly owned 1,346,698 shares of the company’s stock, valued at $31,984,077.50. The trade was a 0.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is owned by insiders.
Hedge Funds Weigh In On Permian Resources
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Wellington Management Group LLP increased its position in Permian Resources by 3.9% during the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after purchasing an additional 763,059 shares during the period. Jennison Associates LLC lifted its position in shares of Permian Resources by 63.1% in the 1st quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock worth $132,824,000 after purchasing an additional 2,411,292 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Permian Resources in the 1st quarter worth approximately $121,041,000. First Trust Advisors LP lifted its position in shares of Permian Resources by 66.6% in the 1st quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock worth $118,636,000 after purchasing an additional 2,224,560 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Permian Resources by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock valued at $100,911,000 after purchasing an additional 85,509 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.
About Permian Resources
Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.
The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.
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