Permian Resources Corporation (NYSE:PR) Sees Significant Drop in Short Interest

Permian Resources Corporation (NYSE:PR) saw a large decline in short interest during the month of March. As of March 13th, there was short interest totaling 19,079,189 shares, a decline of 15.2% from the February 26th total of 22,491,588 shares. Based on an average daily volume of 16,350,032 shares, the days-to-cover ratio is currently 1.2 days. Currently, 2.6% of the shares of the stock are sold short.

Analysts Set New Price Targets

A number of research firms have weighed in on PR. TD Cowen raised their target price on shares of Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Weiss Ratings upgraded Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, March 6th. Wells Fargo & Company increased their price target on Permian Resources from $17.00 to $21.00 and gave the company an “overweight” rating in a report on Monday, March 16th. The Goldman Sachs Group lifted their price objective on Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Finally, Royal Bank Of Canada boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, March 2nd. Four research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $21.07.

Insider Activity at Permian Resources

In other news, Director William J. Quinn sold 512,429 shares of the company’s stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the completion of the sale, the director owned 6,914,410 shares of the company’s stock, valued at $135,453,291.90. This represents a 6.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Aron Marquez sold 7,750 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total transaction of $152,055.00. Following the completion of the sale, the director owned 72,218 shares of the company’s stock, valued at $1,416,917.16. This trade represents a 9.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,340,522 shares of company stock worth $89,069,383 over the last 90 days. Corporate insiders own 12.80% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Large investors have recently modified their holdings of the business. Farther Finance Advisors LLC increased its position in shares of Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after purchasing an additional 1,047 shares during the last quarter. SHP Wealth Management acquired a new position in Permian Resources in the fourth quarter valued at about $27,000. Los Angeles Capital Management LLC acquired a new position in Permian Resources in the fourth quarter valued at about $39,000. State of Wyoming boosted its stake in Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after buying an additional 1,640 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after buying an additional 3,224 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of PR stock opened at $21.50 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The company has a market capitalization of $17.98 billion, a PE ratio of 17.20, a price-to-earnings-growth ratio of 3.42 and a beta of 0.66. The firm’s 50-day moving average is $17.88 and its two-hundred day moving average is $15.07. Permian Resources has a 12 month low of $10.01 and a 12 month high of $21.99.

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

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 3.0%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Tuesday, March 17th. Permian Resources’s payout ratio is 51.20%.

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.