Permian Resources (NYSE:PR) Hits New 12-Month High – What’s Next?

Permian Resources Corporation (NYSE:PR) hit a new 52-week high during trading on Monday. The company traded as high as $25.68 and last traded at $25.5110, with a volume of 913 shares trading hands. The stock had previously closed at $25.49.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Susquehanna increased their price objective on shares of Permian Resources from $25.00 to $30.00 and gave the stock a “positive” rating in a report on Tuesday, October 20th. KeyCorp upped their target price on Permian Resources from $25.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, September 15th. 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. Stifel Nicolaus initiated coverage on Permian Resources in a report on Thursday, September 10th. They issued a “buy” rating and a $30.00 target price on the stock. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $27.00 target price on shares of Permian Resources in a research note on Thursday, September 24th. Five analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $26.39.

Permian Resources Trading Up 1.3%

The company has a market cap of $21.64 billion, a P/E ratio of 17.08 and a beta of 0.66. 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 business has a 50 day moving average price of $23.14 and a 200-day moving average price of $21.11.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate 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 net margin of 21.52% and a return on equity of 13.47%. The business’s revenue was up 55.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.28 EPS. Analysts forecast that Permian Resources Corporation will post 2.43 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Wednesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is 42.38%.

Insider Activity at Permian Resources

In related news, EVP Robert Shannon sold 5,104 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was 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 of the company’s stock, valued at $31,984,077.50. This trade represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy M. Oliphint sold 5,103 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following the transaction, the executive vice president directly owned 537,400 shares of the company’s stock, valued at approximately $12,763,250. This trade represents a 0.94% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 15,699 shares of company stock valued at $372,851 over the last three months. 5.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PR. Wellington Management Group LLP lifted its position in shares of Permian Resources by 3.9% during the second quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock worth $371,074,000 after purchasing an additional 763,059 shares during the last quarter. Jennison Associates LLC lifted its stake in shares of Permian Resources by 63.1% during the first quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock worth $132,824,000 after buying an additional 2,411,292 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Permian Resources in the 1st quarter valued at $121,041,000. First Trust Advisors LP increased its holdings in shares of Permian Resources by 66.6% during the 1st quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock valued at $118,636,000 after purchasing an additional 2,224,560 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Permian Resources by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock valued at $100,911,000 after acquiring an additional 85,509 shares during the period. 91.84% of the stock is currently owned by institutional investors.

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 hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.