Permian Resources Corporation (NYSE:PR) Short Interest Update

Permian Resources Corporation (NYSE:PR) saw a large decline in short interest in March. As of March 13th, there was short interest totaling 19,079,189 shares, a decline of 15.2% from the February 26th total of 22,491,588 shares. Approximately 2.6% of the company’s stock are sold short. Based on an average daily volume of 16,350,032 shares, the short-interest ratio is presently 1.2 days.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PR shares. Scotiabank upgraded Permian Resources to a “strong-buy” rating in a research note on Friday, March 27th. Wells Fargo & Company upped their price target on shares of Permian Resources from $17.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday, March 16th. Royal Bank Of Canada raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday, March 2nd. Bank of America reiterated 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, Mizuho lifted their price target on shares of Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Four analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Permian Resources has a consensus rating of “Buy” and an average price target of $21.43.

Insiders Place Their Bets

In related news, EVP John Charles Bell sold 158,385 shares of Permian Resources stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the transaction, the executive vice president owned 1,567,172 shares in the company, valued at approximately $28,820,293.08. The trade was a 9.18% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Guy M. Oliphint sold 172,904 shares of the company’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction 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 represents a 21.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 5,340,522 shares of company stock worth $89,069,383 in the last quarter. Insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PR. Hsbc Holdings PLC purchased a new position in Permian Resources during the fourth quarter worth about $774,000. Rockefeller Capital Management L.P. increased its position in Permian Resources by 6.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 24,063 shares of the company’s stock worth $338,000 after purchasing an additional 1,498 shares during the period. Corient Private Wealth LLC raised its stake in shares of Permian Resources by 80.0% during the 4th quarter. Corient Private Wealth LLC now owns 80,764 shares of the company’s stock worth $1,133,000 after buying an additional 35,905 shares in the last quarter. SHP Wealth Management acquired a new stake in shares of Permian Resources in the 4th quarter valued at approximately $27,000. Finally, Fearnley Asset Management AS purchased a new stake in shares of Permian Resources in the fourth quarter valued at approximately $7,175,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Down 0.9%

Permian Resources stock opened at $21.14 on Wednesday. The stock has a 50-day simple moving average of $18.02 and a 200-day simple moving average of $15.12. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $17.68 billion, a P/E ratio of 16.88, a PEG ratio of 3.05 and a beta of 0.66. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $21.99.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. Equities research analysts expect that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Tuesday, March 17th. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s payout ratio is currently 51.20%.

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.