Permian Resources (NASDAQ:PR) Reaches New 1-Year High at $17.75

Shares of Permian Resources Co. (NASDAQ:PRGet Free Report) reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $17.75 and last traded at $17.58, with a volume of 756621 shares traded. The stock had previously closed at $17.66.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PR. Truist Financial raised their target price on Permian Resources from $23.00 to $24.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Mizuho raised their target price on Permian Resources from $16.00 to $18.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. Wells Fargo & Company raised their target price on Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 5th. Piper Sandler raised their price target on Permian Resources from $17.00 to $22.00 and gave the stock an “overweight” rating in a research report on Thursday, March 7th. Finally, Stifel Nicolaus raised their price target on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $18.18.

Check Out Our Latest Stock Report on Permian Resources

Permian Resources Price Performance

The stock has a market cap of $13.53 billion, a price-to-earnings ratio of 13.42 and a beta of 4.35. The company has a 50-day moving average of $15.26 and a 200-day moving average of $14.18. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52.

Permian Resources (NASDAQ:PRGet Free Report) last issued its quarterly earnings results 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. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. As a group, equities research analysts predict that Permian Resources Co. will post 1.5 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend was Tuesday, March 12th. Permian Resources’s dividend payout ratio is presently 17.24%.

Insider Buying and Selling at Permian Resources

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

Institutional Investors Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Kapitalo Investimentos Ltda lifted its stake in Permian Resources by 8.5% in the 4th quarter. Kapitalo Investimentos Ltda now owns 22,658 shares of the company’s stock valued at $308,000 after buying an additional 1,775 shares in the last quarter. HBK Investments L P acquired a new position in Permian Resources in the 4th quarter valued at $2,520,000. Vanguard Group Inc. raised its holdings in Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after acquiring an additional 19,847,358 shares during the last quarter. Fisher Asset Management LLC acquired a new position in Permian Resources in the 4th quarter valued at $2,645,000. Finally, Wellington Management Group LLP acquired a new position in Permian Resources in the 4th quarter valued at $1,153,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

About Permian Resources

(Get Free Report)

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.

Further Reading

Receive News & Ratings for Permian Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Permian Resources and related companies with MarketBeat.com's FREE daily email newsletter.