Permian Resources (NYSE:PR) Hits New 52-Week High – Here’s Why

Permian Resources Corporation (NYSE:PR) hit a new 52-week high on Tuesday . The company traded as high as $20.55 and last traded at $20.5970, with a volume of 1768973 shares. The stock had previously closed at $19.92.

Analysts Set New Price Targets

Several analysts recently issued reports on PR shares. TD Cowen boosted their price target on Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. Wells Fargo & Company lifted their target price on Permian Resources from $17.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, March 16th. Morgan Stanley reduced their target price on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. Royal Bank Of Canada raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Monday, March 2nd. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $21.00 price objective on shares of Permian Resources in a research note on Thursday, February 26th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $21.07.

Permian Resources Trading Up 3.7%

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $17.28 billion, a price-to-earnings ratio of 16.49, a price-to-earnings-growth ratio of 4.02 and a beta of 0.66. The firm has a fifty day moving average price of $17.20 and a 200-day moving average price of $14.81.

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

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a dividend of $0.16 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.64 annualized dividend and a dividend yield of 3.1%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio (DPR) is 51.20%.

Insiders Place Their Bets

In other Permian Resources news, EVP Guy M. Oliphint sold 172,904 shares of the firm’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $2,356,681.52. Following the sale, the executive vice president owned 616,683 shares of the company’s stock, valued at approximately $8,405,389.29. This trade represents a 21.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP John Charles Bell sold 158,385 shares of Permian Resources stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.39, for a total value of $2,912,700.15. Following the completion of the transaction, the executive vice president owned 1,567,172 shares in the company, valued at approximately $28,820,293.08. The trade was a 9.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 5,340,522 shares of company stock valued at $89,069,383 over the last three months. 6.44% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

Large investors have recently bought and sold shares of the business. Farther Finance Advisors LLC raised its stake in Permian Resources by 114.1% during 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 in the last quarter. SHP Wealth Management bought a new stake in shares of Permian Resources during the 4th quarter valued at approximately $27,000. Los Angeles Capital Management LLC acquired a new position in Permian Resources during the 4th quarter worth approximately $39,000. State of Wyoming increased its position in Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after purchasing an additional 3,224 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

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.