Permian Resources (NYSE:PR) Reaches New 12-Month High After Analyst Upgrade

Permian Resources Corporation (NYSE:PR)’s share price hit a new 52-week high during trading on Wednesday after TD Cowen raised their price target on the stock from $20.00 to $22.00. TD Cowen currently has a buy rating on the stock. Permian Resources traded as high as $19.73 and last traded at $19.5830, with a volume of 430991 shares. The stock had previously closed at $19.50.

Other equities analysts have also issued research reports about the company. Citigroup increased their target price on Permian Resources from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Bank of America reaffirmed a “neutral” rating and issued a $16.00 price target (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Benchmark downgraded shares of Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Mizuho lifted their price objective on shares of Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Finally, Zacks Research raised shares of Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and an average target price of $20.85.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CEO James H. Walter sold 673,425 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $12,377,551.50. Following the completion of the sale, the chief executive officer directly owned 9,389,405 shares in the company, valued at $172,577,263.90. This represents a 6.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jeffrey Tepper sold 50,000 shares of the firm’s stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $19.38, for a total value of $969,000.00. Following the sale, the director directly owned 150,546 shares in the company, valued at approximately $2,917,581.48. This represents a 24.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 4,815,093 shares of company stock worth $78,776,101 in the last three months. 6.44% of the stock is owned by insiders.

Institutional Trading of Permian Resources

Several hedge funds have recently bought and sold shares of PR. Farther Finance Advisors LLC boosted its holdings in shares of Permian Resources by 114.1% in 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 period. SHP Wealth Management acquired a new stake in shares of Permian Resources during the fourth quarter worth $27,000. Los Angeles Capital Management LLC bought a new stake in Permian Resources in the 4th quarter valued at $39,000. State of Wyoming boosted its stake in Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its stake in Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after purchasing an additional 3,224 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Performance

The stock has a fifty day simple moving average of $16.84 and a 200-day simple moving average of $14.69. The stock has a market cap of $16.28 billion, a P/E ratio of 15.71, a PEG ratio of 3.90 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. The company had revenue of $1.17 billion for 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 company’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.36 earnings per share. On average, equities analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The company 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 $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.3%. The ex-dividend date is Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio (DPR) is presently 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.