Permian Resources (NYSE:PR) Hits New 12-Month High – Time to Buy?

Permian Resources Corporation (NYSE:PR)’s stock price reached a new 52-week high on Tuesday . The stock traded as high as $22.74 and last traded at $22.3220, with a volume of 798631 shares traded. The stock had previously closed at $22.18.

Analyst Ratings Changes

A number of research analysts have issued reports on PR shares. Truist Financial upped their price target on shares of Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Morgan Stanley lowered their price objective on shares of Permian Resources from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Monday, June 29th. Raymond James Financial dropped their price objective on shares of Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating on the stock in a report on Wednesday, June 17th. Citigroup cut their target price on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Finally, Mizuho upgraded Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Five equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Permian Resources has a consensus rating of “Buy” and an average price target of $23.47.

Permian Resources Trading Up 0.5%

The stock has a market cap of $18.66 billion, a PE ratio of 14.77 and a beta of 0.47. The company’s fifty day moving average is $19.77 and its 200-day moving average is $19.54. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.59 by $0.10. The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm’s revenue was up 55.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.28 earnings per share. On average, analysts predict that Permian Resources Corporation will post 2.08 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources’s payout ratio is 42.38%.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Permian Resources

Hedge funds have recently bought and sold shares of the stock. SHP Wealth Management acquired a new stake in shares of Permian Resources during the 4th quarter worth approximately $27,000. SJS Investment Consulting Inc. lifted its stake in shares of Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after purchasing an additional 1,341 shares during the period. Los Angeles Capital Management LLC acquired a new position in shares of Permian Resources in the 4th quarter valued at $39,000. State of Wyoming boosted its holdings in Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after buying an additional 1,640 shares in the last quarter. Finally, Cedar Mountain Advisors LLC purchased a new stake in Permian Resources during the first quarter worth $48,000. Hedge funds and other institutional investors 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.