Permian Resources (NYSE:PR) Hits New 1-Year High – Here’s Why

Shares of Permian Resources Corporation (NYSE:PR) hit a new 52-week high on Wednesday . The stock traded as high as $16.57 and last traded at $16.4230, with a volume of 401382 shares changing hands. The stock had previously closed at $16.14.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PR. Benchmark reaffirmed a “buy” rating on shares of Permian Resources in a report on Monday. Zacks Research cut shares of Permian Resources from a “hold” rating to a “strong sell” rating in a report on Tuesday, January 20th. Wells Fargo & Company upped their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 27th. Bank of America restated a “neutral” rating and issued a $16.00 price target (down previously from $17.00) on shares of Permian Resources in a research note on Friday, January 16th. Finally, Royal Bank Of Canada increased their price target on Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.71.

Permian Resources Stock Performance

The stock has a market cap of $13.67 billion, a price-to-earnings ratio of 15.11 and a beta of 0.77. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The firm has a fifty day moving average of $14.49 and a 200 day moving average of $13.74.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22). The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The firm’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.53 earnings per share. As a group, sell-side analysts forecast that Permian Resources Corporation will post 1.45 EPS for the current year.

Insider Buying and Selling

In related news, EVP John Charles Bell sold 106,399 shares of the company’s 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 $1,450,218.37. Following the transaction, the executive vice president directly owned 376,442 shares in the company, valued at approximately $5,130,904.46. This represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO James H. Walter sold 467,700 shares of the firm’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $6,374,751.00. Following the sale, the chief executive officer directly owned 1,010,138 shares of the company’s stock, valued at approximately $13,768,180.94. This trade represents a 31.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 2,210,456 shares of company stock worth $30,231,728 over the last ninety days. 12.80% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kingswood Wealth Advisors LLC grew its stake in shares of Permian Resources by 5.4% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company’s stock valued at $192,000 after buying an additional 706 shares in the last quarter. Curated Wealth Partners LLC increased its stake in Permian Resources by 1.1% during the fourth quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock worth $991,000 after purchasing an additional 747 shares during the period. Chilton Capital Management LLC lifted its position in shares of Permian Resources by 3.5% during the third quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock worth $303,000 after purchasing an additional 800 shares in the last quarter. SCS Capital Management LLC boosted its stake in shares of Permian Resources by 0.6% in the second quarter. SCS Capital Management LLC now owns 141,205 shares of the company’s stock valued at $1,923,000 after purchasing an additional 870 shares during the period. Finally, Inscription Capital LLC grew its holdings in shares of Permian Resources by 3.5% in the third quarter. Inscription Capital LLC now owns 28,219 shares of the company’s stock valued at $361,000 after purchasing an additional 948 shares in the last quarter. 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.