Investors Buy Large Volume of Call Options on Permian Resources (NASDAQ:PR)

Permian Resources Co. (NASDAQ:PR) was the recipient of some unusual options trading on Tuesday. Stock investors purchased 17,809 call options on the company. This represents an increase of approximately 529% compared to the average daily volume of 2,833 call options.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of recent research reports. Bank of America initiated coverage on Permian Resources in a research report on Friday, January 5th. They issued a “neutral” rating and a $15.00 target price for the company. Piper Sandler boosted their price objective on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Citigroup boosted their price objective on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research report on Friday, March 1st. Benchmark reiterated a “buy” rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Tuesday. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Friday, April 12th. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.31.

Permian Resources Price Performance

PR opened at $17.19 on Wednesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. Permian Resources has a 52-week low of $8.94 and a 52-week high of $18.28. The stock has a market capitalization of $13.27 billion, a PE ratio of 14.82 and a beta of 4.35. The stock’s 50 day moving average price is $16.51 and its 200-day moving average price is $14.63.

Permian Resources (NASDAQ:PR) last posted its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. On average, equities research analysts predict that Permian Resources will post 1.72 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s payout ratio is currently 17.24%.

Insider Activity

In related news, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William M. Hickey III sold 4,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $62,840,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 32,916,943 shares of company stock worth $516,796,999. 23.14% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Global Retirement Partners LLC bought a new position in shares of Permian Resources during the first quarter valued at $25,000. Rise Advisors LLC bought a new position in shares of Permian Resources during the first quarter valued at $32,000. Parallel Advisors LLC lifted its holdings in shares of Permian Resources by 117.0% during the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new position in shares of Permian Resources during the fourth quarter valued at $33,000. Finally, GAMMA Investing LLC bought a new position in Permian Resources in the fourth quarter valued at about $43,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.