Short Interest in Permian Resources Corporation (NYSE:PR) Drops By 15.2%

Permian Resources Corporation (NYSE:PR) saw a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 19,079,189 shares, a drop of 15.2% from the February 26th total of 22,491,588 shares. Based on an average daily volume of 16,350,032 shares, the days-to-cover ratio is currently 1.2 days. Currently, 2.6% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on PR shares. Truist Financial started coverage on Permian Resources in a research report on Tuesday, March 24th. They set a “buy” rating and a $24.00 price objective for the company. Citigroup boosted their price target on Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a research note on Tuesday. Bank of America reaffirmed a “neutral” rating and set a $16.00 price target (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Morgan Stanley lowered their price objective on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Finally, Piper Sandler raised their price objective on shares of Permian Resources from $24.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Four equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $21.43.

Insider Buying and Selling

In other Permian Resources news, Director William J. Quinn sold 512,429 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.59, for a total value of $10,038,484.11. Following the completion of the sale, the director owned 6,914,410 shares of the company’s stock, valued at approximately $135,453,291.90. The trade was a 6.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO James H. Walter sold 673,425 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following 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 6.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 5,340,522 shares of company stock valued at $89,069,383 in the last ninety days. Corporate insiders own 6.44% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after purchasing an additional 13,483,136 shares during the period. Boston Partners boosted its holdings in Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after buying an additional 7,503,654 shares during the period. Vanguard Group Inc. increased its stake in Permian Resources by 10.4% in the 3rd quarter. Vanguard Group Inc. now owns 71,463,525 shares of the company’s stock worth $914,733,000 after buying an additional 6,705,644 shares in the last quarter. Millennium Management LLC increased its stake in Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after buying an additional 6,678,814 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Permian Resources by 20.9% during the third quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company’s stock valued at $346,919,000 after acquiring an additional 4,691,280 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Price Performance

NYSE PR opened at $20.61 on Thursday. The business’s fifty day moving average is $18.14 and its 200 day moving average is $15.16. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $21.99. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market capitalization of $17.23 billion, a PE ratio of 16.48, a price-to-earnings-growth ratio of 3.18 and a beta of 0.56.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the business posted $0.36 earnings per share. The business’s quarterly revenue was down 9.8% on a year-over-year basis. Sell-side analysts predict that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date was 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 51.20%.

About Permian Resources

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.