Permian Resources (NYSE:PR) Hits New 52-Week High – Time to Buy?

Permian Resources Corporation (NYSE:PR) shares hit a new 52-week high during mid-day trading on Monday. The company traded as high as $24.81 and last traded at $24.7160, with a volume of 809,037 shares traded. The stock had previously closed at $24.59.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Morgan Stanley upped their price target on Permian Resources from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $29.00 price objective on shares of Permian Resources in a research report on Thursday, August 27th. Evercore assumed coverage on Permian Resources in a research note on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 target price on the stock. UBS Group boosted their price target on shares of Permian Resources from $24.00 to $29.00 and gave the stock a “buy” rating in a research report on Monday, September 14th. Finally, Susquehanna increased their price objective on Permian Resources from $25.00 to $30.00 and gave the company a “positive” rating in a report on Tuesday. Five equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Permian Resources currently has a consensus rating of “Buy” and an average target price of $26.39.

Permian Resources Stock Up 0.2%

The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The company has a market cap of $20.81 billion, a price-to-earnings ratio of 16.46 and a beta of 0.66. The firm has a 50-day moving average price of $22.93 and a 200 day moving average price of $21.04.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The company had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The company’s revenue was up 55.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.28 earnings per share. Sell-side analysts predict that Permian Resources Corporation will post 2.37 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were given a dividend of $0.16 per share. The ex-dividend date was Wednesday, September 16th. This represents a $0.64 annualized dividend and a dividend yield of 2.6%. Permian Resources’s dividend payout ratio (DPR) is currently 42.38%.

Insider Activity

In other news, EVP Guy M. Oliphint sold 5,103 shares of Permian Resources stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the sale, the executive vice president directly owned 537,400 shares of the company’s stock, valued at approximately $12,763,250. This trade represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the sale, the executive vice president owned 1,561,680 shares in the company, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 15,699 shares of company stock worth $372,851. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Uncommon Cents Investing Inc grew its position in shares of Permian Resources by 9.9% in the 3rd quarter. Uncommon Cents Investing Inc now owns 23,665 shares of the company’s stock valued at $500,000 after buying an additional 2,125 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Permian Resources by 30.6% during the third quarter. Nisa Investment Advisors LLC now owns 23,890 shares of the company’s stock worth $505,000 after acquiring an additional 5,597 shares during the last quarter. Freedom Day Solutions LLC raised its position in shares of Permian Resources by 5.5% during the third quarter. Freedom Day Solutions LLC now owns 94,625 shares of the company’s stock worth $1,998,000 after acquiring an additional 4,919 shares during the last quarter. Frank Rimerman Advisors LLC lifted its stake in shares of Permian Resources by 8.6% in the third quarter. Frank Rimerman Advisors LLC now owns 18,484 shares of the company’s stock worth $390,000 after acquiring an additional 1,471 shares during the period. Finally, Encompass More Asset Management acquired a new position in shares of Permian Resources in the third quarter worth approximately $573,000. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.