Permian Resources (NYSE:PR) Sets New 52-Week High – Still a Buy?

Shares of Permian Resources Corporation (NYSE:PR) reached a new 52-week high on Monday. The company traded as high as $25.68 and last traded at $25.5110, with a volume of 913 shares traded. The stock had previously closed at $25.49.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a research report on Friday, July 31st. Wells Fargo & Company upped their price target on shares of Permian Resources from $27.00 to $28.00 and gave the company an “overweight” rating in a research report on Wednesday, October 14th. Royal Bank Of Canada reissued an “outperform” rating and issued a $27.00 price objective on shares of Permian Resources in a research note on Thursday, September 24th. Morgan Stanley upped their price objective on shares of Permian Resources from $25.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, October 15th. Finally, Susquehanna increased their target price on shares of Permian Resources from $25.00 to $30.00 and gave the stock a “positive” rating in a research report on Tuesday, October 20th. Five research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Permian Resources currently has an average rating of “Buy” and an average target price of $26.39.

Permian Resources Trading Up 1.3%

The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $21.64 billion, a P/E ratio of 17.08 and a beta of 0.66. The business has a fifty day moving average price of $23.14 and a 200 day moving average price of $21.11.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company’s revenue was up 55.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.28 EPS. On average, analysts expect that Permian Resources Corporation will post 2.43 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a yield of 2.5%. Permian Resources’s dividend payout ratio is currently 42.38%.

Insider Activity

In other news, EVP John Bell sold 5,492 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the transaction, the executive vice president owned 1,561,680 shares of the company’s stock, valued at $37,089,900. This represents a 0.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy Oliphint sold 5,103 shares of the business’s stock in a transaction dated 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 directly owned 537,400 shares in the company, valued at $12,763,250. This represents a 0.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 15,699 shares of company stock worth $372,851. Insiders own 5.00% of the company’s stock.

Institutional Trading of Permian Resources

Large investors have recently made changes to their positions in the stock. Kingswood Wealth Advisors LLC grew its position in shares of Permian Resources by 131.5% during the third quarter. Kingswood Wealth Advisors LLC now owns 30,359 shares of the company’s stock valued at $641,000 after purchasing an additional 17,245 shares in the last quarter. Signaturefd LLC raised its stake in shares of Permian Resources by 47.3% during the 3rd quarter. Signaturefd LLC now owns 26,544 shares of the company’s stock valued at $561,000 after buying an additional 8,521 shares during the last quarter. Citizens Financial Group Inc. RI raised its holdings in shares of Permian Resources by 105.8% during the third quarter. Citizens Financial Group Inc. RI now owns 52,467 shares of the company’s stock valued at $1,108,000 after acquiring an additional 26,973 shares during the last quarter. Tectonic Advisors LLC increased its position in Permian Resources by 14.4% during the third quarter. Tectonic Advisors LLC now owns 35,447 shares of the company’s stock worth $749,000 after purchasing an additional 4,470 shares during the last quarter. Finally, Inspire Investing LLC raised its holdings in shares of Permian Resources by 4.0% in the 3rd quarter. Inspire Investing LLC now owns 47,095 shares of the company’s stock valued at $995,000 after buying an additional 1,818 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.