Permian Resources Corporation (NYSE:PR) Short Interest Down 15.5% in February

Permian Resources Corporation (NYSE:PR) was the target of a large decrease in short interest in the month of February. As of February 13th, there was short interest totaling 27,748,434 shares, a decrease of 15.5% from the January 29th total of 32,821,111 shares. Based on an average daily volume of 13,167,848 shares, the days-to-cover ratio is currently 2.1 days. Currently, 3.8% of the shares of the stock are sold short. Currently, 3.8% of the shares of the stock are sold short. Based on an average daily volume of 13,167,848 shares, the days-to-cover ratio is currently 2.1 days.

Insiders Place Their Bets

In other news, CEO James H. Walter sold 467,700 shares of Permian Resources stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,010,138 shares of the company’s stock, valued at $13,768,180.94. The trade was a 31.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Guy M. Oliphint sold 172,904 shares of the stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $2,356,681.52. Following the completion of the sale, the executive vice president owned 616,683 shares of the company’s stock, valued at approximately $8,405,389.29. This represents a 21.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 2,210,456 shares of company stock worth $30,231,728. Insiders own 6.44% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PR. Ruffer LLP acquired a new position in Permian Resources in the 3rd quarter valued at approximately $2,608,000. Massachusetts Financial Services Co. MA boosted its holdings in 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 acquiring an additional 1,421,059 shares during the last quarter. American Century Companies Inc. increased its position in Permian Resources by 20.3% during the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company’s stock valued at $150,409,000 after purchasing an additional 1,863,632 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in Permian Resources by 101.0% during the 3rd quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock worth $6,920,000 after purchasing an additional 271,668 shares during the last quarter. Finally, Cresset Asset Management LLC raised its holdings in Permian Resources by 599.2% during the 2nd quarter. Cresset Asset Management LLC now owns 174,508 shares of the company’s stock worth $2,377,000 after purchasing an additional 149,548 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on PR shares. Piper Sandler increased their price objective on Permian Resources from $20.00 to $24.00 and gave the stock an “overweight” rating in a report on Thursday. Morgan Stanley lowered their target price on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. Weiss Ratings restated a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th. UBS Group increased their price objective on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a report on Thursday. Finally, Royal Bank Of Canada boosted their target price on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Monday. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.58.

Permian Resources Stock Up 1.7%

Shares of Permian Resources stock traded up $0.32 on Thursday, hitting $18.85. The company had a trading volume of 13,109,561 shares, compared to its average volume of 12,228,755. The stock has a 50-day moving average of $15.79 and a 200-day moving average of $14.31. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.78 and a quick ratio of 0.78. Permian Resources has a twelve month low of $10.01 and a twelve month high of $19.38. The firm has a market capitalization of $15.63 billion, a P/E ratio of 15.08 and a beta of 0.66.

Permian Resources (NYSE:PR) last posted 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. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.Permian Resources’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 earnings per share. Research analysts predict that Permian Resources 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 issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Tuesday, March 17th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s payout ratio is currently 48.00%.

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.