Permian Resources (NYSE:PR) Reaches New 12-Month High Following Analyst Upgrade

Permian Resources Corporation (NYSE:PR)’s share price hit a new 52-week high on Monday after Weiss Ratings upgraded the stock from a hold (c+) rating to a buy (b-) rating. The stock traded as high as $19.44 and last traded at $19.29, with a volume of 4155094 shares trading hands. The stock had previously closed at $18.85.

PR has been the topic of several other reports. Zacks Research raised Permian Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Raymond James Financial reiterated a “strong-buy” rating and set a $21.00 target price on shares of Permian Resources in a research report on Thursday, February 26th. The Goldman Sachs Group boosted their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Wells Fargo & Company increased their target price on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, January 27th. Finally, Piper Sandler raised their price objective on Permian Resources from $20.00 to $24.00 and gave the company an “overweight” rating in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average price target of $19.69.

Insider Transactions at Permian Resources

In related news, EVP Guy M. Oliphint sold 4,999 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.28, for a total transaction of $91,381.72. Following the transaction, the executive vice president owned 605,272 shares in the company, valued at approximately $11,064,372.16. This trade represents a 0.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO William M. Hickey III sold 898,423 shares of the business’s stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $16,513,014.74. Following the transaction, the chief executive officer directly owned 9,389,405 shares in the company, valued at $172,577,263.90. This trade represents a 8.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 3,965,093 shares of company stock valued at $62,487,101. 6.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently bought and sold shares of the company. SHP Wealth Management purchased a new stake in shares of Permian Resources during the 4th quarter valued at approximately $27,000. Farther Finance Advisors LLC grew its position in Permian Resources by 114.1% in the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after acquiring an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after acquiring an additional 1,391 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Permian Resources in the fourth quarter valued at $39,000. Finally, Parkside Financial Bank & Trust lifted its stake in shares of Permian Resources by 90.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after purchasing an additional 1,357 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Price Performance

The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. The company’s 50-day moving average price is $15.99 and its 200-day moving average price is $14.40. The firm has a market cap of $15.94 billion, a price-to-earnings ratio of 15.38 and a beta of 0.66.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was down 9.8% on a year-over-year basis. On average, equities research analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a $0.16 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, March 17th. Permian Resources’s dividend payout ratio (DPR) is currently 51.20%.

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.