Permian Resources (NASDAQ:PR) Reaches New 52-Week High at $18.21

Permian Resources Co. (NASDAQ:PR)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $18.21 and last traded at $18.16, with a volume of 1274078 shares. The stock had previously closed at $17.78.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PR. Susquehanna upped their price objective on shares of Permian Resources from $15.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. Wells Fargo & Company upped their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Citigroup upped their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Stifel Nicolaus increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Finally, Piper Sandler increased their price target on shares of Permian Resources from $17.00 to $22.00 and gave the company an “overweight” rating in a research report on Thursday, March 7th. Three analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.50.

Permian Resources Trading Down 0.3 %

The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market cap of $13.92 billion, a price-to-earnings ratio of 15.54 and a beta of 4.35. The company’s fifty day moving average price is $15.78 and its 200-day moving average price is $14.37.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. On average, research analysts expect that Permian Resources Co. will post 1.55 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were issued a dividend of $0.05 per share. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.11%. Permian Resources’s dividend payout ratio (DPR) is currently 17.24%.

Insider Activity

In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CAO Brent P. Jensen sold 1,853 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares in the company, valued at approximately $15,337,010.40. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the transaction, the insider now owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock worth $516,796,999 over the last 90 days. 23.14% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Permian Resources

Several hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its position in Permian Resources by 1.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 84,718 shares of the company’s stock worth $796,000 after purchasing an additional 972 shares in the last quarter. Arizona State Retirement System boosted its position in Permian Resources by 1.5% in the 3rd quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock worth $999,000 after purchasing an additional 1,041 shares in the last quarter. Truist Financial Corp boosted its position in Permian Resources by 9.4% in the 4th quarter. Truist Financial Corp now owns 12,653 shares of the company’s stock worth $172,000 after purchasing an additional 1,086 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Permian Resources by 117.0% during the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after buying an additional 1,178 shares in the last quarter. Finally, Navellier & Associates Inc. lifted its position in shares of Permian Resources by 11.3% during the 4th quarter. Navellier & Associates Inc. now owns 11,688 shares of the company’s stock valued at $159,000 after buying an additional 1,187 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.