Permian Resources Corporation (NYSE:PR) Short Interest Update

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

Insider Transactions at Permian Resources

In related news, CEO James H. Walter sold 673,425 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 9,389,405 shares of the company’s stock, valued at approximately $172,577,263.90. This trade represents a 6.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William J. Quinn sold 800,000 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 11th. The shares were sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the completion of the sale, the director owned 7,426,839 shares of the company’s stock, valued at $142,223,966.85. This trade represents a 9.72% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 5,340,522 shares of company stock worth $89,069,383. 12.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Permian Resources

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ruffer LLP purchased a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $2,608,000. Massachusetts Financial Services Co. MA raised its holdings in shares of Permian Resources by 8.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after purchasing an additional 1,421,059 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH lifted its position in shares of Permian Resources by 101.0% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock worth $6,920,000 after purchasing an additional 271,668 shares during the last quarter. Cresset Asset Management LLC grew its stake in shares of Permian Resources by 599.2% during the second quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock worth $2,377,000 after purchasing an additional 149,548 shares in the last quarter. Finally, SCP Investment LP grew its stake in shares of Permian Resources by 225.0% during the third quarter. SCP Investment LP now owns 93,600 shares of the company’s stock worth $1,198,000 after purchasing an additional 64,800 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Stock Down 0.7%

Permian Resources stock opened at $21.50 on Tuesday. The firm has a market capitalization of $17.98 billion, a P/E ratio of 17.20, a P/E/G ratio of 3.42 and a beta of 0.66. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. Permian Resources has a twelve month low of $10.01 and a twelve month high of $21.99. The stock’s fifty day simple moving average is $17.88 and its 200-day simple moving average is $15.07.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the business posted $0.36 earnings per share. Permian Resources’s revenue was down 9.8% compared to the same quarter last year. As a group, equities analysts expect that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a yield of 3.0%. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio is 51.20%.

Wall Street Analyst Weigh In

PR has been the topic of several research analyst reports. Raymond James Financial reiterated a “strong-buy” rating and issued a $21.00 price objective on shares of Permian Resources in a report on Thursday, February 26th. Piper Sandler raised their target price on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, March 12th. Scotiabank raised Permian Resources to a “strong-buy” rating in a research report on Friday. Citigroup boosted their price target on shares of Permian Resources from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday, March 6th. Finally, 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 research report on Friday, December 12th. Four analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $21.07.

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.