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

Permian Resources Corporation (NYSE:PR)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $24.65 and last traded at $24.4890, with a volume of 10405271 shares traded. The stock had previously closed at $23.76.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on PR shares. Morgan Stanley reissued an “overweight” rating on shares of Permian Resources in a report on Wednesday, August 19th. Citigroup dropped their price objective on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Stifel Nicolaus assumed coverage on Permian Resources in a research report on Thursday, September 10th. They issued a “buy” rating and a $30.00 target price on the stock. Weiss Ratings raised shares of Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a research report on Thursday, August 13th. Finally, Truist Financial lifted their price target on shares of Permian Resources from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Five research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $24.44.

Permian Resources Price Performance

The company has a 50 day simple moving average of $21.92 and a 200-day simple moving average of $20.57. The stock has a market cap of $19.43 billion, a price-to-earnings ratio of 15.36 and a beta of 0.49. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The company had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the firm earned $0.28 EPS. The business’s revenue was up 55.1% on a year-over-year basis. As a group, research analysts anticipate that Permian Resources Corporation will post 2.27 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be paid a dividend of $0.16 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 annualized dividend and a yield of 2.8%. Permian Resources’s dividend payout ratio (DPR) is 42.38%.

Insiders Place Their Bets

In other Permian Resources news, EVP Guy Oliphint sold 5,103 shares of Permian Resources stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the transaction, the executive vice president owned 537,400 shares of the company’s stock, valued at $12,763,250. The trade was a 0.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the sale, the executive vice president owned 1,346,698 shares of the company’s stock, valued at approximately $31,984,077.50. The trade was a 0.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 15,699 shares of company stock valued at $372,851 over the last 90 days. 5.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Permian Resources

Institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. grew its holdings in shares of Permian Resources by 1.8% during the first quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock valued at $100,911,000 after purchasing an additional 85,509 shares during the last quarter. Sanctuary Advisors LLC lifted its holdings in shares of Permian Resources by 35.3% in the 1st quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company’s stock worth $4,073,000 after purchasing an additional 49,798 shares during the last quarter. Sterling Capital Management LLC lifted its holdings in shares of Permian Resources by 98.0% in the 1st quarter. Sterling Capital Management LLC now owns 168,262 shares of the company’s stock worth $3,587,000 after purchasing an additional 83,302 shares during the last quarter. HighTower Advisors LLC boosted its position in Permian Resources by 55.2% during the 4th quarter. HighTower Advisors LLC now owns 259,403 shares of the company’s stock valued at $3,639,000 after purchasing an additional 92,309 shares during the period. Finally, King Luther Capital Management Corp boosted its position in Permian Resources by 2.8% during the 4th quarter. King Luther Capital Management Corp now owns 5,422,559 shares of the company’s stock valued at $76,079,000 after purchasing an additional 146,836 shares during the period. Institutional investors own 91.84% of the company’s stock.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.