Permian Resources Sees Unusually Large Options Volume (NASDAQ:PR)

Permian Resources Co. (NASDAQ:PR) was the recipient of unusually large options trading on Tuesday. Investors purchased 17,809 call options on the stock. This represents an increase of 529% compared to the typical volume of 2,833 call options.

Permian Resources Stock Performance

NASDAQ PR opened at $17.26 on Thursday. The stock’s fifty day moving average is $16.58 and its two-hundred day moving average is $14.65. The firm has a market capitalization of $13.32 billion, a P/E ratio of 14.88 and a beta of 4.35. 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 has a fifty-two week low of $8.94 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. On average, research analysts anticipate that Permian Resources will post 1.72 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were given a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.16%. Permian Resources’s dividend payout ratio is currently 17.24%.

Insider Transactions at Permian Resources

In other news, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the transaction, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Brent P. Jensen sold 1,853 shares of Permian Resources 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 completion of the transaction, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at $15,337,010.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Brent P. Jensen sold 84,554 shares of Permian Resources stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $14.96, for a total value of $1,264,927.84. Following the transaction, the chief accounting officer now owns 932,325 shares of the company’s stock, valued at $13,947,582. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock worth $516,796,999 over the last three months. 23.14% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC purchased a new stake in shares of Permian Resources in the 1st quarter valued at $25,000. Parallel Advisors LLC raised its holdings in shares of Permian Resources by 117.0% in 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 during the period. Rise Advisors LLC purchased a new stake in shares of Permian Resources in the 1st quarter valued at $32,000. DekaBank Deutsche Girozentrale purchased a new stake in shares of Permian Resources in the 4th quarter valued at $33,000. Finally, GAMMA Investing LLC purchased a new stake in shares of Permian Resources in the 4th quarter valued at $43,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PR shares. Raymond James assumed coverage on Permian Resources in a research report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price target for the company. Bank of America assumed coverage on Permian Resources in a research report on Friday, January 5th. They issued a “neutral” rating and a $15.00 price objective for the company. JPMorgan Chase & Co. boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Piper Sandler boosted their price objective on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Finally, Wells Fargo & Company boosted their price objective on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.31.

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.