Permian Resources Target of Unusually Large Options Trading (NYSE:PR)

Permian Resources Co. (NYSE:PR) saw some unusual options trading on Monday. Traders acquired 4,230 call options on the stock. This is an increase of approximately 56% compared to the average volume of 2,704 call options.

Permian Resources Stock Performance

Shares of PR traded up $0.30 during mid-day trading on Monday, hitting $14.08. The stock had a trading volume of 331,358 shares, compared to its average volume of 9,173,770. The company has a market cap of $11.31 billion, a PE ratio of 8.51, a PEG ratio of 4.05 and a beta of 4.30. The company’s fifty day simple moving average is $14.30 and its two-hundred day simple moving average is $14.33. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources has a fifty-two week low of $11.84 and a fifty-two week high of $18.28.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.26%. Permian Resources’s payout ratio is 41.96%.

Insider Buying and Selling at Permian Resources

In other news, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total value of $38,288.62. Following the sale, the chief accounting officer now directly owns 58,668 shares in the company, valued at $822,525.36. This represents a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Quinn acquired 500,000 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the transaction, the director now directly owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 18,446 shares of company stock valued at $269,731. Insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Several hedge funds have recently made changes to their positions in PR. Principal Securities Inc. lifted its holdings in shares of Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after purchasing an additional 852 shares during the last quarter. ORG Wealth Partners LLC bought a new stake in shares of Permian Resources in the 4th quarter worth approximately $31,000. Global Retirement Partners LLC raised its stake in Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after acquiring an additional 1,232 shares in the last quarter. Rakuten Securities Inc. raised its stake in Permian Resources by 1,152.5% during the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after acquiring an additional 2,305 shares in the last quarter. Finally, RE Dickinson Investment Advisors LLC bought a new stake in Permian Resources during the 4th quarter valued at $41,000. Institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. reduced their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Morgan Stanley assumed coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 target price on the stock. Piper Sandler reduced their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Truist Financial increased their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Finally, Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and increased their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

Permian Resources Company Profile

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.