Permian Resources Corporation (NYSE:PR) Short Interest Down 16.8% in January

Permian Resources Corporation (NYSE:PR) saw a large decrease in short interest during the month of January. As of January 15th, there was short interest totaling 28,374,637 shares, a decrease of 16.8% from the December 31st total of 34,122,082 shares. Based on an average daily volume of 11,200,163 shares, the days-to-cover ratio is currently 2.5 days. Approximately 3.9% of the company’s stock are sold short. Approximately 3.9% of the company’s stock are sold short. Based on an average daily volume of 11,200,163 shares, the days-to-cover ratio is currently 2.5 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PR shares. Zacks Research downgraded Permian Resources from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Wells Fargo & Company raised their target price on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a report on Tuesday, January 27th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th. Susquehanna reduced their price objective on Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research report on Monday, January 26th. Finally, Piper Sandler lowered their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.71.

Permian Resources Stock Performance

Shares of NYSE:PR traded up $0.40 during trading on Tuesday, hitting $16.14. 13,597,624 shares of the stock were exchanged, compared to its average volume of 10,905,043. The company has a market capitalization of $13.38 billion, a price-to-earnings ratio of 14.80 and a beta of 0.77. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.25. The company’s fifty day simple moving average is $14.49 and its 200-day simple moving average is $13.74.

Permian Resources (NYSE:PR) last issued its 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). The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period last year, the business earned $0.53 earnings per share. Sell-side 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 was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a yield of 3.7%. Permian Resources’s payout ratio is presently 55.05%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 106,399 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the transaction, the executive vice president directly owned 376,442 shares in the company, valued at $5,130,904.46. This trade represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Guy M. Oliphint sold 172,904 shares of the business’s stock in a transaction dated 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 sale, 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 disclosure for this sale is available in the SEC filing. Insiders have sold 2,210,456 shares of company stock worth $30,231,728 in the last ninety days. Company insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PR. Farther Finance Advisors LLC raised its holdings in shares of 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in 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 during the period. FNY Investment Advisers LLC acquired a new position in Permian Resources during the second quarter worth $36,000. Parkside Financial Bank & Trust lifted its holdings 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 valued at $39,000 after acquiring an additional 1,357 shares during the period. Finally, LRI Investments LLC bought a new position in shares of Permian Resources during the second quarter valued at $54,000. Institutional investors own 91.84% of the company’s stock.

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.