Permian Resources (NYSE:PR) Hits New 1-Year High – Here’s Why

Permian Resources Corporation (NYSE:PR)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $16.57 and last traded at $16.4230, with a volume of 401382 shares. The stock had previously closed at $16.14.

Wall Street Analyst Weigh In

PR has been the topic of a number of recent research reports. Wall Street Zen raised Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Mizuho upped their price target on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Zacks Research cut Permian Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 20th. The Goldman Sachs Group boosted their price objective on Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Finally, Benchmark reaffirmed a “buy” rating on shares of Permian Resources in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus target price of $18.71.

Permian Resources Price Performance

The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The company’s 50 day simple moving average is $14.49 and its 200 day simple moving average is $13.74. The company has a market capitalization of $13.67 billion, a PE ratio of 15.11 and a beta of 0.77.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.22). The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.33 billion. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 EPS. As a group, sell-side analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 106,405 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the transaction, the executive vice president owned 360,667 shares of the company’s stock, valued at approximately $4,915,891.21. This trade represents a 22.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Guy M. Oliphint sold 172,904 shares of Permian Resources stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $2,356,681.52. Following the sale, the executive vice president owned 616,683 shares in the company, valued at $8,405,389.29. This trade represents a 21.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 2,210,456 shares of company stock valued at $30,231,728 over the last quarter. 12.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Permian Resources

Several large investors have recently modified their holdings of the company. Nordea Investment Management AB increased its position in shares of Permian Resources by 70.1% in the second quarter. Nordea Investment Management AB now owns 490,311 shares of the company’s stock valued at $6,727,000 after buying an additional 202,026 shares in the last quarter. Friedenthal Financial acquired a new stake in Permian Resources in the 2nd quarter valued at about $871,000. Ruffer LLP acquired a new stake in Permian Resources in the 3rd quarter valued at about $2,608,000. Massachusetts Financial Services Co. MA increased its holdings in Permian Resources by 8.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after acquiring an additional 1,421,059 shares in the last quarter. Finally, American Century Companies Inc. raised its position in Permian Resources by 20.3% during the second quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock worth $150,409,000 after acquiring an additional 1,863,632 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

About Permian Resources

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.