Permian Resources (NYSE:PR) Reaches New 12-Month High – Here’s Why

Shares of Permian Resources Corporation (NYSE:PR) reached a new 52-week high during trading on Thursday . The company traded as high as $24.20 and last traded at $23.7650, with a volume of 422420 shares trading hands. The stock had previously closed at $23.62.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on PR shares. Wall Street Zen upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Citigroup dropped their target price on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Wells Fargo & Company raised shares of Permian Resources to a “strong-buy” rating in a report on Wednesday, September 2nd. Zacks Research lowered shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a research report on Friday, May 22nd. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $29.00 price objective on shares of Permian Resources in a research note on Thursday, August 27th. Six analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $24.00.

Permian Resources Stock Up 0.3%

The firm has a 50 day moving average of $21.54 and a two-hundred day moving average of $20.40. The firm has a market capitalization of $19.91 billion, a price-to-earnings ratio of 15.75 and a beta of 0.49. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The business’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.28 earnings per share. As a group, sell-side analysts anticipate that Permian Resources Corporation will post 2.27 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a dividend of $0.16 per share. 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 payout ratio is 42.38%.

Insider Transactions at Permian Resources

In other news, EVP Guy Oliphint sold 5,103 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the transaction, the executive vice president directly owned 537,400 shares in the company, valued at approximately $12,763,250. This represents a 0.94% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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 value of $121,220.00. Following the sale, the executive vice president directly owned 1,346,698 shares in the company, valued at approximately $31,984,077.50. This trade represents a 0.38% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 15,699 shares of company stock worth $372,851. Corporate insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. California State Teachers Retirement System increased its stake in shares of Permian Resources by 1,885.1% in the second quarter. California State Teachers Retirement System now owns 16,229,501 shares of the company’s stock valued at $298,785,000 after buying an additional 15,411,935 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after acquiring an additional 13,483,136 shares during the period. Boston Partners boosted its holdings in Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after acquiring an additional 7,503,654 shares during the last quarter. Millennium Management LLC boosted its holdings in Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after acquiring an additional 6,678,814 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Permian Resources during the 1st quarter valued at approximately $121,041,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.