Permian Resources Target of Unusually High Options Trading (NYSE:PR)

Permian Resources Corporation (NYSE:PR) was the target of unusually large options trading on Tuesday. Traders acquired 15,821 call options on the stock. This is an increase of approximately 598% compared to the typical daily volume of 2,265 call options.

Permian Resources Price Performance

Shares of PR stock traded down $0.52 during trading hours on Tuesday, reaching $13.90. The stock had a trading volume of 5,562,533 shares, compared to its average volume of 10,614,120. The stock’s fifty day simple moving average is $13.39 and its 200 day simple moving average is $13.61. The firm has a market capitalization of $11.52 billion, a PE ratio of 12.73 and a beta of 0.69. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.03. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.22). The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.53 earnings per share. On average, equities research analysts predict that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend is Wednesday, December 17th. Permian Resources’s payout ratio is currently 55.05%.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in PR. Tudor Investment Corp ET AL lifted its holdings in shares of Permian Resources by 14,373.0% during the 3rd quarter. Tudor Investment Corp ET AL now owns 1,635,450 shares of the company’s stock worth $20,934,000 after acquiring an additional 1,624,150 shares during the last quarter. Allworth Financial LP raised its position in Permian Resources by 18.7% during the third quarter. Allworth Financial LP now owns 6,445 shares of the company’s stock valued at $82,000 after purchasing an additional 1,015 shares in the last quarter. Swiss Life Asset Management Ltd lifted its stake in Permian Resources by 74.6% during the third quarter. Swiss Life Asset Management Ltd now owns 27,078 shares of the company’s stock worth $347,000 after purchasing an additional 11,572 shares during the last quarter. CIBC Bancorp USA Inc. bought a new stake in Permian Resources during the third quarter worth about $1,324,000. Finally, Sunbelt Securities Inc. boosted its holdings in shares of Permian Resources by 52.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 26,092 shares of the company’s stock worth $334,000 after purchasing an additional 9,000 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Mizuho lifted their target price on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday. UBS Group raised their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday. Scotiabank began coverage on Permian Resources in a research note on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of Permian Resources in a research note on Monday, December 8th. Finally, Raymond James Financial reduced their target price on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a research note on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and a consensus target price of $19.07.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.