Permian Resources (NYSE:PR) Hits New 1-Year High - What's Next?

Key Points

• Permian Resources reached a new 52-week high of $22.74, with shares recently trading around $22.32. Analysts maintain a consensus “Buy” rating and an average price target of $23.47.
• The company reported strong quarterly results, earning $0.69 per share versus the $0.59 consensus estimate, while revenue rose 55.1% year over year to $1.86 billion.
• Permian Resources declared a quarterly dividend of $0.16 per share, equivalent to $0.64 annually and a 2.9% yield; institutional investors own 91.84% of the company.

Permian Resources Corporation (NYSE:PR - Get Free Report) reached a new 52-week high during trading on Tuesday . The company traded as high as $22.74 and last traded at $22.3220, with a volume of 798631 shares changing hands. The stock had previously closed at $22.18.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PR. Wells Fargo & Company upped their price target on shares of Permian Resources from $26.00 to $27.00 and gave the stock an "overweight" rating in a research report on Thursday, August 13th. Morgan Stanley cut their price objective on shares of Permian Resources from $25.00 to $24.00 and set an "overweight" rating on the stock in a report on Monday, June 29th. Mizuho raised shares of Permian Resources to a "strong-buy" rating in a research note on Friday, July 31st. UBS Group lowered their target price on Permian Resources from $25.00 to $24.00 and set a "buy" rating for the company in a report on Friday, July 17th. Finally, Truist Financial increased their target price on Permian Resources from $22.00 to $24.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Five analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat, Permian Resources has a consensus rating of "Buy" and a consensus target price of $23.47.

Permian Resources Stock Up 0.5%

The firm has a market capitalization of $18.66 billion, a P/E ratio of 14.77 and a beta of 0.47. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The business's fifty day moving average price is $19.77 and its two-hundred day moving average price is $19.54.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.86 billion during 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%. Permian Resources's revenue was up 55.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.28 EPS. Equities analysts expect that Permian Resources Corporation will post 2.08 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources's payout ratio is currently 42.38%.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the company's stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the transaction, the executive vice president directly owned 542,503 shares of the company's stock, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 5.00% of the company's stock.

Institutional Trading of Permian Resources

Institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC increased its position in Permian Resources by 69.2% during the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company's stock valued at $2,060,000 after buying an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Permian Resources by 18.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock worth $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 grew 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 worth $16,751,000 after acquiring an additional 87,105 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock worth $57,000 after acquiring an additional 3,224 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Permian Resources by 21.3% during the second quarter. Marshall Wace LLP now owns 93,507 shares of the company's stock valued at $1,274,000 after acquiring an additional 16,443 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

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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