Permian Resources Sees Unusually High Options Volume (NYSE:PR)

Permian Resources Corporation (NYSE:PR) saw unusually large options trading on Tuesday. Traders acquired 15,821 call options on the company. This is an increase of approximately 598% compared to the typical volume of 2,265 call options.

Analysts Set New Price Targets

PR has been the subject of a number of recent analyst reports. Raymond James Financial cut their price target on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a report on Tuesday, September 2nd. Royal Bank Of Canada upped their target price on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a report on Thursday, October 9th. The Goldman Sachs Group lifted their price target on Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Wells Fargo & Company reduced their price target on Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a report on Monday, December 8th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $19.07.

Permian Resources Stock Down 3.6%

Shares of NYSE PR traded down $0.52 during trading on Tuesday, hitting $13.90. 5,562,533 shares of the company traded hands, compared to its average volume of 10,614,120. The firm has a market capitalization of $11.52 billion, a price-to-earnings ratio of 12.73 and a beta of 0.69. The business’s fifty day moving average is $13.39 and its 200 day moving average is $13.61. 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 fifty-two week low of $10.01 and a fifty-two week high of $16.03.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 15.65% and a return on equity of 11.03%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $0.53 earnings per share. Equities research analysts predict that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Wednesday, December 17th. Permian Resources’s dividend payout ratio (DPR) is 55.05%.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently modified their holdings of the stock. HighTower Advisors LLC lifted its stake in Permian Resources by 3.1% during the 1st quarter. HighTower Advisors LLC now owns 155,304 shares of the company’s stock valued at $2,151,000 after acquiring an additional 4,708 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Permian Resources by 19.4% during the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock worth $195,276,000 after purchasing an additional 2,286,363 shares during the last quarter. Cresset Asset Management LLC boosted its holdings in Permian Resources by 58.5% during the first quarter. Cresset Asset Management LLC now owns 24,960 shares of the company’s stock worth $346,000 after purchasing an additional 9,208 shares during the last quarter. Prospector Partners LLC bought a new stake in Permian Resources in the 1st quarter worth about $7,636,000. Finally, Brooklyn Investment Group increased its stake in Permian Resources by 433.9% in the 1st quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock valued at $43,000 after buying an additional 2,534 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.