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

Shares of Permian Resources Corporation (NYSE:PR) hit a new 52-week high on Monday . The stock traded as high as $21.80 and last traded at $21.9490, with a volume of 28005 shares traded. The stock had previously closed at $21.65.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PR shares. Bank of America restated a “neutral” rating and set a $16.00 target price (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Mizuho lifted their price objective 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. TD Cowen upped their price objective on Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, March 17th. UBS Group upped their price target on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Finally, Morgan Stanley decreased their price objective on Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $21.07.

Permian Resources Price Performance

The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. The stock has a market cap of $18.31 billion, a PE ratio of 17.50, a P/E/G ratio of 3.42 and a beta of 0.66. The company’s 50 day moving average is $17.74 and its 200-day moving average is $15.02.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 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 the consensus estimate of $1.32 billion. During the same quarter in the prior year, the business posted $0.36 earnings per share. Permian Resources’s revenue for the quarter was down 9.8% on a year-over-year basis. As a group, sell-side analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.9%. Permian Resources’s dividend payout ratio is 51.20%.

Insider Transactions at Permian Resources

In other Permian Resources news, Director Jeffrey Tepper sold 50,000 shares of the stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $19.38, for a total transaction of $969,000.00. Following the transaction, the director directly owned 150,546 shares in the company, valued at $2,917,581.48. This represents a 24.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James H. Walter sold 673,425 shares of the business’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the completion of the sale, the chief executive officer directly owned 9,389,405 shares of the company’s stock, valued at $172,577,263.90. The trade was a 6.69% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 5,340,522 shares of company stock valued at $89,069,383 over the last ninety days. 6.44% of the stock is currently owned by corporate insiders.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently bought and sold shares of PR. Farther Finance Advisors LLC raised its stake in Permian Resources by 114.1% during the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after buying an additional 1,047 shares in the last quarter. SHP Wealth Management bought a new stake in shares of Permian Resources in the 4th quarter valued at approximately $27,000. Los Angeles Capital Management LLC acquired a new stake in shares of Permian Resources during the 4th quarter valued at approximately $39,000. State of Wyoming lifted its stake in Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after purchasing an additional 3,224 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

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.