Permian Resources Corporation (NYSE:PR) Sees Significant Increase in Short Interest

Permian Resources Corporation (NYSE:PR - Get Free Report) was the target of a large increase in short interest in May. As of May 31st, there was short interest totalling 41,830,000 shares, an increase of 23.0% from the May 15th total of 34,010,000 shares. Based on an average trading volume of 10,240,000 shares, the short-interest ratio is currently 4.1 days. Approximately 7.8% of the shares of the stock are short sold.

Permian Resources Stock Up 0.1%

PR traded up $0.02 during trading on Wednesday, reaching $14.70. 13,401,254 shares of the stock were exchanged, compared to its average volume of 9,864,448. The stock has a market cap of $11.81 billion, a P/E ratio of 9.07 and a beta of 1.24. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.86 and a current ratio of 0.86. The stock's 50 day moving average price is $12.80 and its two-hundred day moving average price is $13.67. Permian Resources has a twelve month low of $10.01 and a twelve month high of $16.95.

Permian Resources (NYSE:PR - Get Free Report) last posted its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). The company had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. Permian Resources had a return on equity of 11.96% and a net margin of 22.74%. The business's quarterly revenue was up 10.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.25 EPS. Equities analysts expect that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.08%. Permian Resources's payout ratio is 37.04%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on PR. Morgan Stanley reduced their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. The Goldman Sachs Group boosted their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $23.00 price objective (up previously from $20.00) on shares of Permian Resources in a report on Monday, May 19th. Susquehanna reduced their target price on Permian Resources from $20.00 to $19.00 and set a "positive" rating on the stock in a report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. decreased their price target on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $18.50.

Institutional Trading of Permian Resources

A number of institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its stake in Permian Resources by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock valued at $62,407,000 after acquiring an additional 176,320 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in shares of Permian Resources by 36.9% in the 4th quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock valued at $3,881,000 after purchasing an additional 72,726 shares in the last quarter. Channing Capital Management LLC increased its stake in shares of Permian Resources by 286.1% in the 4th quarter. Channing Capital Management LLC now owns 620,138 shares of the company's stock valued at $8,918,000 after purchasing an additional 459,516 shares during the last quarter. M&T Bank Corp increased its stake in shares of Permian Resources by 60.9% in the 4th quarter. M&T Bank Corp now owns 53,742 shares of the company's stock valued at $773,000 after purchasing an additional 20,340 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Permian Resources by 93.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,634 shares of the company's stock worth $51,000 after buying an additional 1,751 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.