Traders Purchase Large Volume of Permian Resources Put Options (NYSE:PR)

Permian Resources Co. (NYSE:PR) was the target of some unusual options trading on Friday. Stock investors bought 4,075 put options on the company. This represents an increase of 31% compared to the typical volume of 3,121 put options.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the sale, the executive vice president now directly owns 74,433 shares of the company’s stock, valued at approximately $1,044,294.99. This represents a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William J. Quinn purchased 500,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the acquisition, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 9,685 shares of company stock worth $135,687. 6.44% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently modified their holdings of the business. Principal Securities Inc. grew its position in Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after buying an additional 852 shares in the last quarter. Allworth Financial LP grew its holdings in shares of Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock valued at $29,000 after purchasing an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new position in shares of Permian Resources in the first quarter worth about $30,000. ORG Wealth Partners LLC purchased a new position in Permian Resources in the 4th quarter worth approximately $31,000. Finally, Global Retirement Partners LLC increased its stake in shares of Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after buying an additional 1,232 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Up 0.8 %

NYSE:PR opened at $12.20 on Friday. The firm has a 50-day moving average price of $12.59 and a two-hundred day moving average price of $13.96. The firm has a market cap of $9.80 billion, a price-to-earnings ratio of 7.39, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. Permian Resources has a 52 week low of $10.01 and a 52 week high of $17.62. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were given a dividend of $0.15 per share. The ex-dividend date was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.92%. Permian Resources’s dividend payout ratio is presently 41.96%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Williams Trading set a $19.00 price objective on Permian Resources in a research note on Wednesday, March 5th. Piper Sandler decreased their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Susquehanna lowered their price objective on shares of Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a research report on Tuesday, April 22nd. Finally, Bank of America dropped their target price on Permian Resources from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, April 1st. One research analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have assigned a buy 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 $18.67.

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.