Permian Resources (NYSE:PR) Sets New 12-Month High – Still a Buy?

Shares of Permian Resources Corporation (NYSE:PR) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $20.55 and last traded at $20.5970, with a volume of 1768973 shares. The stock had previously closed at $19.92.

Analysts Set New Price Targets

A number of brokerages have recently commented on PR. Piper Sandler boosted their price target on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, March 12th. UBS Group lifted their target price on Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Zacks Research upgraded Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Benchmark downgraded Permian Resources from a “buy” rating to a “hold” rating in a research report on Thursday, March 5th. Finally, The Goldman Sachs Group raised their price target on shares of Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $21.07.

Permian Resources Price Performance

The stock has a market capitalization of $17.28 billion, a P/E ratio of 16.49, a price-to-earnings-growth ratio of 4.02 and a beta of 0.66. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. The company’s 50-day simple moving average is $17.20 and its 200-day simple moving average is $14.81.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same period in the previous year, the business earned $0.36 EPS. Permian Resources’s revenue for the quarter was down 9.8% compared to the same quarter last year. As a group, sell-side analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a $0.16 dividend. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 3.1%. The ex-dividend date is Tuesday, March 17th. Permian Resources’s dividend payout ratio is currently 51.20%.

Insider Activity at Permian Resources

In other Permian Resources news, Director William J. Quinn sold 800,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the completion of the sale, the director owned 7,426,839 shares of the company’s stock, valued at $142,223,966.85. This trade represents a 9.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP John Charles Bell sold 158,385 shares of Permian Resources stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total transaction of $2,912,700.15. Following the transaction, the executive vice president directly owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. This trade represents a 9.18% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 5,340,522 shares of company stock worth $89,069,383 in the last three months. 6.44% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

A number of hedge funds have recently modified their holdings of PR. Vanguard Group Inc. boosted its holdings in shares of Permian Resources by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock worth $1,057,930,000 after buying an additional 3,941,318 shares during the period. Dimensional Fund Advisors LP raised its holdings in Permian Resources by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after acquiring an additional 4,533,732 shares during the period. Bank of New York Mellon Corp lifted its position in Permian Resources by 115.5% during the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after acquiring an additional 13,483,136 shares during the last quarter. State Street Corp boosted its holdings in shares of Permian Resources by 2.0% during the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after acquiring an additional 460,158 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Permian Resources by 8.3% in the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after purchasing an additional 1,421,059 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.