Permian Resources (NYSE:PR) Shares Gap Up – Should You Buy?

Shares of Permian Resources Corporation (NYSE:PR) gapped up before the market opened on Thursday . The stock had previously closed at $21.68, but opened at $22.19. Permian Resources shares last traded at $21.9640, with a volume of 252,047 shares.

Analyst Ratings Changes

Several equities analysts have recently weighed in on PR shares. Raymond James Financial reissued a “strong-buy” rating and issued a $29.00 price objective on shares of Permian Resources in a research report on Thursday, August 27th. Citigroup decreased their price target on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Seaport Research Partners started coverage on shares of Permian Resources in a research report on Thursday, September 3rd. They set a “buy” rating and a $29.00 price objective for the company. Wells Fargo & Company upgraded Permian Resources to a “strong-buy” rating in a report on Wednesday, September 2nd. Finally, Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a research report on Wednesday, August 19th. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Permian Resources has a consensus rating of “Buy” and a consensus price target of $24.83.

Permian Resources Price Performance

The firm has a market capitalization of $18.57 billion, a P/E ratio of 14.68 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. The business’s 50 day moving average is $22.11 and its 200-day moving average is $20.67.

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

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s payout ratio is currently 42.38%.

Insiders Place Their Bets

In related news, EVP John Bell sold 5,492 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the transaction, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. This represents a 0.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of PR. SJS Investment Consulting Inc. grew its position in Permian Resources by 1,862.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after acquiring an additional 1,341 shares during the last quarter. SHP Wealth Management bought a new position in Permian Resources in the fourth quarter valued at about $27,000. Cedar Mountain Advisors LLC acquired a new stake in shares of Permian Resources during the first quarter valued at about $48,000. Essential Partners LLC boosted its stake in shares of Permian Resources by 4,400.0% during the first quarter. Essential Partners LLC now owns 3,240 shares of the company’s stock valued at $69,000 after purchasing an additional 3,168 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Permian Resources during the first quarter worth about $72,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

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 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.