Permian Resources Target of Unusually High Options Trading (NYSE:PR)

Permian Resources Co. (NYSE:PR) saw some unusual options trading on Friday. Traders bought 4,075 put options on the stock. This is an increase of 31% compared to the typical volume of 3,121 put options.

Analyst Upgrades and Downgrades

Several research firms have commented on PR. Morgan Stanley lowered their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a research note on Thursday, March 27th. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Bank of America lowered their price target on Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. Truist Financial raised their target price on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Susquehanna dropped their price target on shares of Permian Resources from $20.00 to $19.00 and set a “positive” rating on the stock in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.67.

Insider Activity

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the sale, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at $822,525.36. The trade was a 4.45 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Charles Bell sold 2,804 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total value of $39,340.12. Following the transaction, the executive vice president now directly owns 74,433 shares in the company, valued at $1,044,294.99. This trade represents a 3.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,685 shares of company stock valued at $135,687. 6.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in PR. Principal Securities Inc. lifted its position in Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares during the last quarter. Allworth Financial LP grew its position in Permian Resources by 376.7% in the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after purchasing an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of Permian Resources during the 1st quarter worth about $30,000. ORG Wealth Partners LLC acquired a new position in shares of Permian Resources during the fourth quarter valued at about $31,000. Finally, Global Retirement Partners LLC lifted its stake in shares of Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after buying an additional 1,232 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Performance

PR stock opened at $12.20 on Friday. The company has a market capitalization of $9.80 billion, a price-to-earnings ratio of 7.39, a P/E/G ratio of 4.05 and a beta of 3.81. The firm has a 50 day moving average of $12.59 and a two-hundred day moving average of $13.96. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a 12 month low of $10.01 and a 12 month high of $17.62.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.92%. Permian Resources’s dividend payout ratio (DPR) is currently 41.96%.

About Permian Resources

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.