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

Permian Resources Corporation (NYSE:PR)’s stock price reached a new 52-week high during mid-day trading on Monday after Royal Bank Of Canada raised their price target on the stock from $18.00 to $20.00. Royal Bank Of Canada currently has an outperform rating on the stock. Permian Resources traded as high as $19.09 and last traded at $18.6970, with a volume of 1596626 shares traded. The stock had previously closed at $18.29.

Several other equities research analysts have also issued reports on the stock. Weiss Ratings reissued a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th. TD Cowen raised shares of Permian Resources to a “strong-buy” rating in a research report on Monday, February 9th. Wall Street Zen upgraded Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Piper Sandler lowered their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday, November 18th. Finally, Benchmark restated a “buy” rating on shares of Permian Resources in a research note on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.92.

Insider Activity

In other Permian Resources news, EVP John Charles Bell sold 106,399 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $1,450,218.37. Following the sale, the executive vice president owned 376,442 shares in the company, valued at approximately $5,130,904.46. This trade represents a 22.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Guy M. Oliphint sold 172,904 shares of the stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value 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 trade represents a 21.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 2,210,456 shares of company stock worth $30,231,728 over the last 90 days. Insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Farther Finance Advisors LLC lifted its holdings in Permian Resources by 114.1% in the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after purchasing an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Permian Resources by 154.4% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock worth $31,000 after buying an additional 1,391 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in shares of Permian Resources by 90.8% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after acquiring an additional 1,357 shares during the period. Los Angeles Capital Management LLC bought a new position in shares of Permian Resources in the fourth quarter valued at approximately $39,000. Finally, State of Wyoming boosted its holdings in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after acquiring an additional 1,640 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Down 2.4%

The firm has a market cap of $15.21 billion, a price-to-earnings ratio of 14.67 and a beta of 0.66. The stock’s 50 day moving average is $15.70 and its 200 day moving average is $14.28. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period last year, the firm earned $0.36 EPS. The firm’s revenue for the quarter was down 9.8% on a year-over-year basis. Analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. 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 payout ratio is currently 48.00%.

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.