Investors Purchase High Volume of Call Options on Permian Resources (NYSE:PR)

Permian Resources Corporation (NYSE:PR) was the target of some unusual options trading activity on Tuesday. Stock traders bought 15,821 call options on the stock. This is an increase of 598% compared to the average daily volume of 2,265 call options.

Permian Resources Stock Up 2.8%

Shares of PR stock opened at $14.39 on Thursday. Permian Resources has a twelve month low of $10.01 and a twelve month high of $16.03. The stock has a market cap of $11.93 billion, a P/E ratio of 13.20 and a beta of 0.70. The stock has a 50 day moving average of $13.45 and a 200 day moving average of $13.63. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. During the same period in the previous year, the business earned $0.53 EPS. Permian Resources’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, sell-side analysts expect that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be given a $0.15 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.2%. Permian Resources’s dividend payout ratio is 55.05%.

Institutional Investors Weigh In On Permian Resources

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

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PR. Royal Bank Of Canada increased their price objective on Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a report on Thursday, October 9th. The Goldman Sachs Group increased 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. Morgan Stanley restated an “overweight” rating on shares of Permian Resources in a research note on Thursday, November 20th. Scotiabank assumed coverage on shares of Permian Resources in a report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price objective on the stock. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Permian Resources in a research note on Monday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $19.07.

About Permian Resources

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.