Traders Buy High Volume of Call Options on Permian Resources (NASDAQ:PR)

Permian Resources Co. (NASDAQ:PR - Get Free Report) was the recipient of some unusual options trading on Tuesday. Stock investors bought 17,809 call options on the stock. This is an increase of 529% compared to the average daily volume of 2,833 call options.

Insider Activity at Permian Resources

In related news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares of the company's stock, valued at $15,457,119.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Brent P. Jensen sold 1,853 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the sale, the chief accounting officer now directly owns 1,047,610 shares of the company's stock, valued at $15,337,010.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Brent P. Jensen sold 203,687 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now directly owns 1,062,345 shares of the company's stock, valued at $15,457,119.75. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,916,943 shares of company stock valued at $516,796,999. Insiders own 23.14% of the company's stock.

Institutional Investors Weigh In On Permian Resources

A number of large investors have recently modified their holdings of PR. State of Alaska Department of Revenue acquired a new stake in shares of Permian Resources in the 3rd quarter valued at $460,000. Avior Wealth Management LLC acquired a new stake in shares of Permian Resources in the 3rd quarter valued at $385,000. Friedenthal Financial acquired a new stake in shares of Permian Resources in the 3rd quarter valued at $737,000. Commonwealth Equity Services LLC boosted its holdings in shares of Permian Resources by 12.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 23,356 shares of the company's stock valued at $326,000 after purchasing an additional 2,582 shares in the last quarter. Finally, Xponance Inc. boosted its holdings in shares of Permian Resources by 157.3% in the 3rd quarter. Xponance Inc. now owns 38,530 shares of the company's stock valued at $538,000 after purchasing an additional 23,555 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Benchmark reaffirmed a "buy" rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Tuesday. Citigroup raised their price objective on Permian Resources from $17.00 to $19.00 and gave the company a "buy" rating in a research report on Friday, March 1st. JPMorgan Chase & Co. raised their price objective on Permian Resources from $18.00 to $20.00 and gave the company an "overweight" rating in a research report on Friday, April 12th. Stifel Nicolaus raised their price objective on Permian Resources from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, March 22nd. Finally, Truist Financial increased their target price on Permian Resources from $22.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $19.31.

Permian Resources Price Performance

Permian Resources stock traded up $0.02 during mid-day trading on Tuesday, reaching $17.19. 5,849,880 shares of the company were exchanged, compared to its average volume of 9,420,487. The company has a fifty day simple moving average of $16.51 and a 200-day simple moving average of $14.63. Permian Resources has a 12 month low of $8.94 and a 12 month high of $18.28. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a market cap of $13.27 billion, a PE ratio of 14.82 and a beta of 4.35.

Permian Resources (NASDAQ:PR - Get Free Report) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. As a group, equities research analysts expect that Permian Resources will post 1.72 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were paid a dividend of $0.05 per share. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.16%. Permian Resources's dividend payout ratio (DPR) is presently 17.24%.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.