Permian Resources Sees Unusually Large Options Volume (NYSE:PR)

Permian Resources Corporation (NYSE:PR) was the target of unusually large options trading activity on Thursday. Traders acquired 6,448 call options on the company. This is an increase of 72% compared to the typical daily volume of 3,755 call options.

Analyst Upgrades and Downgrades

PR has been the topic of several recent research reports. UBS Group cut their price objective on shares of Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday, July 17th. Zacks Research lowered shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a report on Wednesday. Wall Street Zen raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Citigroup decreased their price objective on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Five analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $23.47.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in Permian Resources by 4.0% in the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock valued at $224,000 after purchasing an additional 607 shares during the period. Bessemer Group Inc. lifted its stake in Permian Resources by 21.3% in the 1st quarter. Bessemer Group Inc. now owns 3,537 shares of the company’s stock valued at $76,000 after purchasing an additional 621 shares during the last quarter. Waterloo Capital L.P. boosted its holdings in shares of Permian Resources by 3.1% during the 4th quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock valued at $305,000 after acquiring an additional 657 shares in the last quarter. Kingswood Wealth Advisors LLC raised its position in Permian Resources by 5.4% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company’s stock valued at $192,000 after purchasing an additional 706 shares during the last quarter. Finally, Dean Investment Associates LLC boosted its stake in shares of Permian Resources by 0.3% during the fourth quarter. Dean Investment Associates LLC now owns 265,615 shares of the company’s stock valued at $3,727,000 after purchasing an additional 922 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Trading Up 3.5%

Shares of PR traded up $0.82 on Thursday, reaching $23.84. 2,252,854 shares of the company’s stock were exchanged, compared to its average volume of 11,678,480. The business has a 50 day moving average price of $19.90 and a two-hundred day moving average price of $19.64. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $19.96 billion, a P/E ratio of 15.79 and a beta of 0.48. Permian Resources has a 12 month low of $11.92 and a 12 month high of $24.09.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The firm’s revenue was up 55.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.28 earnings per share. Research analysts anticipate that Permian Resources will post 2.15 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. Permian Resources’s dividend payout ratio (DPR) is currently 42.38%.

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.