Permian Resources (NYSE:PR) Hits New 52-Week High – What’s Next?

Permian Resources Corporation (NYSE:PR)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $15.35 and last traded at $15.3070, with a volume of 10413315 shares. The stock had previously closed at $14.76.

Wall Street Analyst Weigh In

PR has been the topic of several research reports. Mizuho increased their price target on shares of Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Piper Sandler dropped their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, November 18th. Bank of America reiterated a “neutral” rating and issued a $16.00 price objective (down previously from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Royal Bank Of Canada boosted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Thursday, October 9th. Finally, The Goldman Sachs Group increased their price target on Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.71.

Permian Resources Stock Performance

The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. The firm’s fifty day moving average price is $14.26 and its two-hundred day moving average price is $13.65. The stock has a market capitalization of $12.69 billion, a PE ratio of 14.04 and a beta of 0.66.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same quarter in the prior year, the business posted $0.53 EPS. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. As a group, equities research analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.9%. The ex-dividend date was Wednesday, December 17th. Permian Resources’s payout ratio is currently 55.05%.

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 172,904 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the completion of the transaction, the executive vice president directly owned 616,683 shares of the company’s stock, valued at $8,405,389.29. This represents a 21.90% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Robert Regan Shannon sold 106,405 shares of Permian Resources stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,300.15. Following the completion of the sale, the executive vice president directly owned 360,667 shares in the company, valued at $4,915,891.21. This represents a 22.78% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,210,456 shares of company stock valued at $30,231,728 in the last ninety days. 12.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Large investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC boosted its holdings in Permian Resources by 114.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after buying an additional 1,047 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in shares of Permian Resources by 154.4% in 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 in the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of Permian Resources in the second quarter worth approximately $36,000. Parkside Financial Bank & Trust increased its position in shares of Permian Resources by 90.8% during the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after purchasing an additional 1,357 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Permian Resources during the second quarter worth approximately $54,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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.