Permian Resources (NYSE:PR) Reaches New 1-Year High – What’s Next?

Permian Resources Corporation (NYSE:PR)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $22.02 and last traded at $22.0650, with a volume of 17632377 shares traded. The stock had previously closed at $21.62.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PR. Scotiabank raised their price target on shares of Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Citigroup raised their price target on shares of Permian Resources from $21.00 to $26.00 and gave the stock a “buy” rating in a report on Tuesday, March 31st. Zacks Research upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Friday, March 27th. BMO Capital Markets upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. Finally, Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a report on Friday, March 27th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $22.38.

Permian Resources Stock Up 2.1%

The firm’s 50 day moving average price is $19.92 and its two-hundred day moving average price is $16.27. The company has a market cap of $18.45 billion, a P/E ratio of 17.65, a price-to-earnings-growth ratio of 1.25 and a beta of 0.52. 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 released its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.09. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. Permian Resources’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 EPS. Equities research analysts anticipate that Permian Resources Corporation will post 1.92 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th were paid a $0.16 dividend. The ex-dividend date was Tuesday, March 17th. This represents a $0.64 annualized dividend and a dividend yield of 2.9%. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio (DPR) is presently 51.20%.

Insider Buying and Selling

In other news, Director Jeffrey Tepper sold 50,000 shares of Permian Resources stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $19.38, for a total value of $969,000.00. Following the completion of the sale, the director owned 150,546 shares in the company, valued at $2,917,581.48. The trade was a 24.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Aron Marquez sold 7,750 shares of Permian Resources stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total transaction of $152,055.00. Following the completion of the sale, the director owned 72,218 shares of the company’s stock, valued at $1,416,917.16. This represents a 9.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 3,130,066 shares of company stock worth $58,837,655 over the last ninety days. 5.00% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

Several hedge funds have recently bought and sold shares of PR. AQR Capital Management LLC grew its position in Permian Resources by 69.2% in the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after purchasing an additional 61,230 shares during the period. Goldman Sachs Group Inc. grew its position in Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after purchasing an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Permian Resources by 7.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after purchasing an additional 87,105 shares during the period. EverSource Wealth Advisors LLC grew its position in Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after purchasing an additional 3,224 shares during the period. Finally, Marshall Wace LLP grew its position in Permian Resources by 21.3% in the 2nd quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock valued at $1,274,000 after purchasing an additional 16,443 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.