Permian Resources (NYSE:PR) Reaches New 1-Year High Following Analyst Upgrade

Permian Resources Corporation (NYSE:PR)’s stock price reached a new 52-week high during trading on Monday after Weiss Ratings upgraded the stock from a hold (c+) rating to a buy (b-) rating. The company traded as high as $19.44 and last traded at $19.29, with a volume of 4155094 shares trading hands. The stock had previously closed at $18.85.

A number of other equities analysts have also weighed in on the company. Citigroup increased their target price on Permian Resources from $17.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday. Raymond James Financial restated a “strong-buy” rating and issued a $21.00 target price on shares of Permian Resources in a report on Thursday, February 26th. The Goldman Sachs Group upped their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, November 14th. Bank of America reissued a “neutral” rating and issued a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Finally, Piper Sandler raised their target price on Permian Resources from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.69.

Insider Buying and Selling

In related news, EVP Guy M. Oliphint sold 4,999 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.28, for a total transaction of $91,381.72. Following the completion of the sale, the executive vice president directly owned 605,272 shares in the company, valued at $11,064,372.16. This represents a 0.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO James H. Walter sold 673,425 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $12,377,551.50. Following the transaction, the chief executive officer owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. The trade was a 6.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,965,093 shares of company stock worth $62,487,101 in the last 90 days. 6.44% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PR. AQR Capital Management LLC grew its stake in shares of Permian Resources by 69.2% in the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after buying an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Permian Resources by 18.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $75,512,000 after purchasing an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Permian Resources by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock valued at $16,751,000 after purchasing an additional 87,105 shares in the last quarter. Bank of Montreal Can lifted its stake in Permian Resources by 180.1% in the second quarter. Bank of Montreal Can now owns 68,431 shares of the company’s stock worth $932,000 after acquiring an additional 153,851 shares during the period. Finally, Vestmark Advisory Solutions Inc. purchased a new position in shares of Permian Resources in the 2nd quarter valued at approximately $143,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The stock has a 50 day simple moving average of $15.99 and a two-hundred day simple moving average of $14.40. The firm has a market cap of $15.94 billion, a PE ratio of 15.38 and a beta of 0.66.

Permian Resources (NYSE:PR) last posted its 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. The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business’s revenue was down 9.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.36 EPS. Sell-side analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, March 17th. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio is currently 51.20%.

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.