Permian Resources Corporation (NYSE:PR) Short Interest Update

Key Points

• Short interest fell 18.9% in February to 22,491,588 shares (about 3.1% of the float), with a short-interest ratio of 2.1 days based on average daily volume.
• Significant insider selling: insiders sold 4,765,093 shares worth $77.8M over the last quarter, including CEO James H. Walter's sale of 673,425 shares (a 6.69% reduction in his stake); insiders now own 6.44% of the company.
• Dividend raised to $0.16 quarterly (annualized $0.64) for a 3.3% yield, up from $0.15; the ex-dividend date is March 17 and payment is scheduled for March 31.

Permian Resources Corporation (NYSE:PR - Get Free Report) saw a significant decline in short interest during the month of February. As of February 27th, there was short interest totaling 22,491,588 shares, a decline of 18.9% from the February 12th total of 27,748,434 shares. Based on an average daily volume of 10,917,804 shares, the short-interest ratio is currently 2.1 days. Currently, 3.1% of the shares of the stock are short sold. Currently, 3.1% of the shares of the stock are short sold. Based on an average daily volume of 10,917,804 shares, the short-interest ratio is currently 2.1 days.

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 4,999 shares of the business's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.28, for a total value of $91,381.72. Following the sale, the executive vice president directly owned 605,272 shares in the company, valued at $11,064,372.16. The trade was a 0.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO James H. Walter sold 673,425 shares of the company's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total transaction of $12,377,551.50. Following the sale, the chief executive officer owned 9,389,405 shares in the company, valued at $172,577,263.90. This represents a 6.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 4,765,093 shares of company stock valued at $77,807,101 over the last quarter. 6.44% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

Several large investors have recently added to or reduced their stakes in PR. AQR Capital Management LLC grew its stake in Permian Resources by 69.2% in the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company's stock worth $2,060,000 after acquiring an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Permian Resources by 18.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock valued at $75,512,000 after acquiring an additional 852,347 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Permian Resources by 7.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company's stock valued at $16,751,000 after acquiring an additional 87,105 shares in the last quarter. Bank of Montreal Can boosted its holdings in shares of Permian Resources by 180.1% in the second quarter. Bank of Montreal Can now owns 68,431 shares of the company's stock valued at $932,000 after purchasing an additional 153,851 shares during the period. Finally, Los Angeles Capital Management LLC bought a new position in Permian Resources in the second quarter worth approximately $161,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on PR. Susquehanna reduced their price objective on Permian Resources from $20.00 to $18.00 and set a "positive" rating on the stock in a research note on Monday, January 26th. Bank of America reissued a "neutral" rating and set a $16.00 target price (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. The Goldman Sachs Group increased their price target on Permian Resources from $17.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday. Wells Fargo & Company lifted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 27th. Finally, Royal Bank Of Canada boosted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Monday, March 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $20.42.

Permian Resources Trading Up 1.4%

Shares of NYSE PR opened at $19.34 on Friday. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $19.64. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. The company has a market cap of $16.04 billion, a price-to-earnings ratio of 15.47 and a beta of 0.66. The business's 50 day moving average price is $16.49 and its 200-day moving average price is $14.58.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The company had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. During the same quarter in the prior year, the company posted $0.36 EPS. Permian Resources's quarterly revenue was down 9.8% on a year-over-year basis. On average, sell-side analysts expect that Permian Resources will post 1.45 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.64 annualized dividend and a yield of 3.3%. This is a boost from Permian Resources's previous quarterly dividend of $0.15. Permian Resources's payout ratio is 51.20%.

Permian Resources Company Profile

Permian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.

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