Permian Resources (NYSE:PR) Reaches New 1-Year High Following Analyst Upgrade

Shares of Permian Resources Corporation (NYSE:PR) reached a new 52-week high during trading on Monday after Weiss Ratings upgraded the stock from a hold (c+) rating to a buy (b-) rating. The stock traded as high as $19.44 and last traded at $19.29, with a volume of 4155094 shares. The stock had previously closed at $18.85.

A number of other brokerages also recently commented on PR. Zacks Research upgraded shares of Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Benchmark downgraded shares of Permian Resources from a “buy” rating to a “hold” rating in a research note on Thursday, March 5th. Morgan Stanley lowered their price target on Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. UBS Group raised their price objective on Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a report on Thursday, March 5th. Finally, Susquehanna decreased their target price on Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research report on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and an average target price of $19.69.

Insiders Place Their Bets

In other news, CEO William M. Hickey III sold 898,423 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $16,513,014.74. Following the completion of the sale, the chief executive officer owned 9,389,405 shares of the company’s stock, valued at approximately $172,577,263.90. This represents a 8.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Guy M. Oliphint sold 4,999 shares of the stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.28, for a total transaction of $91,381.72. Following the transaction, the executive vice president owned 605,272 shares in the company, valued at approximately $11,064,372.16. This represents a 0.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 3,965,093 shares of company stock worth $62,487,101. 12.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC lifted its position in shares of Permian Resources by 114.1% during the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after buying an additional 1,047 shares during the last quarter. SHP Wealth Management bought a new position in shares of Permian Resources during the 4th quarter worth approximately $27,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after acquiring an additional 1,391 shares during the last quarter. Parkside Financial Bank & Trust boosted its stake in Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock valued at $39,000 after acquiring an additional 1,357 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Permian Resources in the fourth quarter valued at approximately $39,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 1.7%

The company’s fifty day simple moving average is $16.10 and its 200-day simple moving average is $14.44. The firm has a market capitalization of $15.89 billion, a PE ratio of 15.33 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 issued its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 EPS. On average, analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.3%. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date is Tuesday, March 17th. Permian Resources’s dividend payout ratio (DPR) is 48.00%.

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.