Permian Resources (NYSE:PR) Hits New 12-Month High – Here’s Why

Permian Resources Corporation (NYSE:PR) shares hit a new 52-week high during trading on Monday . The company traded as high as $21.80 and last traded at $21.9490, with a volume of 28005 shares trading hands. The stock had previously closed at $21.65.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PR shares. Zacks Research upgraded Permian Resources from a “strong sell” rating to a “hold” rating in a report on Wednesday, February 18th. Morgan Stanley lowered their price objective on Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Piper Sandler upped their price objective on Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. TD Cowen raised their price objective on Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 17th. Finally, Weiss Ratings raised Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 6th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.07.

Permian Resources Stock Performance

The business’s fifty day moving average price is $17.74 and its 200-day moving average price is $15.02. The stock has a market capitalization of $18.31 billion, a PE ratio of 17.50, a P/E/G ratio of 3.42 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78.

Permian Resources (NYSE:PR) last announced its quarterly earnings results 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. The business had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The company’s revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.36 EPS. As a group, equities research analysts expect that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders 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 an increase from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 2.9%. Permian Resources’s dividend payout ratio (DPR) is 51.20%.

Insider Activity

In other news, CEO James H. Walter sold 673,425 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $12,377,551.50. Following the completion of the sale, the chief executive officer directly owned 9,389,405 shares of the company’s stock, valued at $172,577,263.90. This trade represents a 6.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jeffrey Tepper sold 50,000 shares of the firm’s stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $19.38, for a total value of $969,000.00. Following the completion of the sale, the director owned 150,546 shares of the company’s stock, valued at approximately $2,917,581.48. This represents a 24.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 5,340,522 shares of company stock worth $89,069,383. 6.44% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

Several institutional investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp increased its position in shares of Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares in the last quarter. Boston Partners increased its stake in Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after acquiring an additional 7,503,654 shares during the last quarter. Vanguard Group Inc. raised its position in Permian Resources by 10.4% in the third quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock valued at $914,733,000 after purchasing an additional 6,705,644 shares during the period. Millennium Management LLC lifted its stake in shares of Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock valued at $126,081,000 after purchasing an additional 6,678,814 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock worth $346,919,000 after purchasing an additional 4,691,280 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.