Permian Resources Corporation (NYSE:PR) Short Interest Up 23.0% in May

Permian Resources Corporation (NYSE:PR) was the target of a large increase in short interest during the month of May. As of May 31st, there was short interest totalling 41,830,000 shares, an increase of 23.0% from the May 15th total of 34,010,000 shares. Based on an average daily volume of 10,240,000 shares, the short-interest ratio is presently 4.1 days. Currently, 7.8% of the company’s stock are short sold.

Permian Resources Price Performance

Shares of NYSE:PR opened at $14.70 on Friday. The company has a market capitalization of $11.81 billion, a P/E ratio of 9.07 and a beta of 1.24. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.95. The firm’s 50 day simple moving average is $12.89 and its two-hundred day simple moving average is $13.66. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.86 and a quick ratio of 0.86.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.02). Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The firm had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same quarter last year, the firm posted $0.25 EPS. The firm’s quarterly revenue was up 10.7% compared to the same quarter last year. Research analysts expect that Permian Resources will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 4.08%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources’s dividend payout ratio is currently 37.04%.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in PR. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Permian Resources by 0.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company’s stock valued at $2,021,000 after buying an additional 662 shares in the last quarter. CIBC Asset Management Inc boosted its position in shares of Permian Resources by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company’s stock worth $226,000 after acquiring an additional 805 shares during the last quarter. Principal Securities Inc. boosted its position in shares of Permian Resources by 73.6% during the fourth 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. Oregon Public Employees Retirement Fund grew its stake in Permian Resources by 0.7% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company’s stock valued at $1,862,000 after acquiring an additional 900 shares in the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in Permian Resources by 1.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 60,048 shares of the company’s stock valued at $863,000 after acquiring an additional 921 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of research analyst reports. Raymond James Financial reaffirmed a “strong-buy” rating and set a $23.00 price target (up from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Morgan Stanley dropped their target price on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday, March 27th. UBS Group lifted their price objective on Permian Resources from $14.00 to $16.00 and gave the stock a “buy” rating in a report on Monday, May 12th. The Goldman Sachs Group boosted their price target on Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, May 16th. Finally, Bank of America upped their price target on shares of Permian Resources from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.50.

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.