Permian Resources (NYSE:PR) Shares Gap Up – Should You Buy?

Permian Resources Corporation (NYSE:PR) shares gapped up prior to trading on Thursday. The stock had previously closed at $21.68, but opened at $22.19. Permian Resources shares last traded at $21.9640, with a volume of 252,047 shares trading hands.

Analyst Ratings Changes

PR has been the topic of a number of recent analyst reports. Truist Financial upped their price objective on Permian Resources from $22.00 to $24.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Evercore began coverage on Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 target price for the company. Wall Street Zen upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a report on Friday, July 31st. Finally, Citigroup lowered their price objective on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Permian Resources presently has a consensus rating of “Buy” and a consensus price target of $24.83.

Permian Resources Stock Performance

The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The stock’s 50 day moving average price is $22.18 and its 200 day moving average price is $20.69. The company has a market cap of $17.88 billion, a price-to-earnings ratio of 14.14 and a beta of 0.49.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. Permian Resources’s revenue was up 55.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.28 earnings per share. On average, analysts expect that Permian Resources Corporation will post 2.27 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.16 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.0%. Permian Resources’s dividend payout ratio (DPR) is presently 42.38%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP Guy Oliphint sold 5,103 shares of the company’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the completion of the sale, the executive vice president directly owned 537,400 shares in the company, valued at $12,763,250. This represents a 0.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the transaction, the executive vice president owned 1,561,680 shares in the company, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 15,699 shares of company stock valued at $372,851. Company insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of PR. SHP Wealth Management purchased a new stake in Permian Resources during the fourth quarter worth approximately $27,000. SJS Investment Consulting Inc. increased its position in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after acquiring an additional 1,341 shares in the last quarter. Cedar Mountain Advisors LLC purchased a new position in shares of Permian Resources in the 1st quarter valued at $48,000. Essential Partners LLC raised its stake in shares of Permian Resources by 4,400.0% in the 1st quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after acquiring an additional 3,168 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Permian Resources during the 1st quarter valued at $72,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.