Permian Resources Corporation (NYSE:PR) Short Interest Down 15.5% in February

Permian Resources Corporation (NYSE:PR) saw a large decrease in short interest in the month of February. As of February 13th, there was short interest totaling 27,748,434 shares, a decrease of 15.5% from the January 29th total of 32,821,111 shares. Based on an average daily trading volume, of 13,167,848 shares, the days-to-cover ratio is currently 2.1 days. Approximately 3.8% of the shares of the company are short sold. Approximately 3.8% of the shares of the company are short sold. Based on an average daily trading volume, of 13,167,848 shares, the days-to-cover ratio is currently 2.1 days.

Insider Activity at Permian Resources

In other Permian Resources news, CEO William M. Hickey III sold 467,725 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the completion of the sale, the chief executive officer directly owned 1,010,136 shares in the company, valued at approximately $13,768,153.68. The trade was a 31.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO James H. Walter sold 467,700 shares of the stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the completion of the sale, the chief executive officer owned 1,010,138 shares in the company, valued at $13,768,180.94. The trade was a 31.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,210,456 shares of company stock worth $30,231,728 in the last ninety days. 12.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its holdings in shares of Permian Resources by 69.2% in the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after purchasing an additional 61,230 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after purchasing an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Permian Resources by 7.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after buying an additional 87,105 shares during the period. Envestnet Asset Management Inc. grew its stake in shares of Permian Resources by 6.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 898,087 shares of the company’s stock valued at $12,232,000 after buying an additional 54,680 shares during the period. Finally, World Investment Advisors increased its holdings in shares of Permian Resources by 34.0% during the 2nd quarter. World Investment Advisors now owns 13,961 shares of the company’s stock worth $190,000 after buying an additional 3,544 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of PR stock traded up $0.14 on Wednesday, reaching $18.53. 17,071,482 shares of the company were exchanged, compared to its average volume of 12,264,292. Permian Resources has a 1 year low of $10.01 and a 1 year high of $19.38. 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 business has a 50-day moving average price of $15.70 and a 200 day moving average price of $14.28. The company has a market cap of $15.37 billion, a price-to-earnings ratio of 14.82 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 (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the previous year, the firm posted $0.36 EPS. Permian Resources’s revenue was down 9.8% compared to the same quarter last year. Equities research analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal 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 is a positive change from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 3.5%. Permian Resources’s dividend payout ratio (DPR) is presently 48.00%.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Bank of America restated a “neutral” rating and issued a $16.00 target price (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Raymond James Financial restated a “strong-buy” rating and issued a $21.00 price objective on shares of Permian Resources in a research report on Thursday, February 26th. Mizuho lifted their target price on shares of Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a report on Friday, December 12th. Royal Bank Of Canada increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday. Finally, Susquehanna dropped their price target on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a research report on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.92.

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.