Short Interest in Permian Resources Corporation (NYSE:PR) Drops By 15.5%

Permian Resources Corporation (NYSE:PR) saw a significant decrease in short interest in the month of February. As of February 13th, there was short interest totaling 27,748,434 shares, a decrease of 15.5% from the January 29th total of 32,821,111 shares. Approximately 3.8% of the shares of the company are sold short. Based on an average daily volume of 13,167,848 shares, the days-to-cover ratio is currently 2.1 days. Based on an average daily volume of 13,167,848 shares, the days-to-cover ratio is currently 2.1 days. Approximately 3.8% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PR shares. Benchmark restated a “buy” rating on shares of Permian Resources in a research note on Monday, February 2nd. Piper Sandler lowered their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday, November 18th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $21.00 price objective on shares of Permian Resources in a research note on Thursday, February 26th. Zacks Research raised Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Finally, Royal Bank Of Canada raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “outperform” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $18.92.

Insider Activity at Permian Resources

In other Permian Resources news, CEO James H. Walter sold 467,700 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the completion of the sale, the chief executive officer directly owned 1,010,138 shares in the company, valued at $13,768,180.94. This trade represents a 31.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO William M. Hickey III sold 467,725 shares of Permian Resources stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $6,375,091.75. Following the sale, the chief executive officer directly owned 1,010,136 shares of the company’s stock, valued at approximately $13,768,153.68. The trade was a 31.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 2,210,456 shares of company stock worth $30,231,728 in the last quarter. 12.80% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

Large investors have recently modified their holdings of the company. SHP Wealth Management purchased a new position in shares of Permian Resources in the 4th quarter valued at $27,000. Fearnley Asset Management AS acquired a new position in Permian Resources during the 4th quarter valued at approximately $7,175,000. Virtu Financial LLC purchased a new position in shares of Permian Resources in the fourth quarter worth $389,000. Dean Capital Management lifted its stake in shares of Permian Resources by 3.2% during the fourth quarter. Dean Capital Management now owns 139,966 shares of the company’s stock worth $1,964,000 after buying an additional 4,320 shares during the period. Finally, T. Rowe Price Investment Management Inc. grew its holdings in shares of Permian Resources by 3.9% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 9,092,438 shares of the company’s stock valued at $127,567,000 after buying an additional 341,674 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Performance

Shares of NYSE PR traded up $0.14 during trading on Wednesday, reaching $18.53. 17,071,482 shares of the company traded hands, compared to its average volume of 12,264,292. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. Permian Resources has a 52-week low of $10.01 and a 52-week high of $19.38. The stock has a market capitalization of $15.37 billion, a PE ratio of 14.82 and a beta of 0.66. The firm has a 50 day simple moving average of $15.70 and a 200-day simple moving average of $14.28.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter in the previous year, the company posted $0.36 earnings per share. Permian Resources’s revenue for the quarter was down 9.8% on a year-over-year basis. Equities research analysts anticipate that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 annualized dividend and a dividend yield of 3.5%. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio is presently 48.00%.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.