Permian Resources (NYSE:PR) Sets New 52-Week High - Here's What Happened

Key Points

• New 52-week high: Permian Resources hit a fresh 52-week high around $22.02 (last traded $22.0650) with heavy volume, and several brokerages raised ratings/targets leaving an average analyst target of $22.38.
• Quarterly results and payout: The company beat EPS estimates ($0.37 vs. $0.28) despite revenue falling 9.8% year‑over‑year to $1.17B, has a market cap of $18.45B and P/E of 17.65, and raised its quarterly dividend to $0.16 (annualized $0.64, ~2.9% yield).
• Insider selling and ownership: CEO William M. Hickey III sold 898,423 shares and insiders disposed of 3,130,066 shares (~$58.8M) over the past 90 days, while institutional investors own roughly 91.84% of the stock.

Permian Resources Corporation (NYSE:PR - Get Free Report) hit a new 52-week high during trading on Friday . The stock traded as high as $22.02 and last traded at $22.0650, with a volume of 17632377 shares. The stock had previously closed at $21.62.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PR. TD Cowen lifted their target price on shares of Permian Resources from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, March 17th. Piper Sandler lifted their target price on shares of Permian Resources from $24.00 to $27.00 and gave the stock an "overweight" rating in a research note on Thursday, March 12th. BMO Capital Markets raised shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 7th. UBS Group lifted their target price on shares of Permian Resources from $19.00 to $23.00 and gave the stock a "buy" rating in a research note on Thursday, March 5th. Finally, Zacks Research raised shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 27th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $22.38.

Permian Resources Trading Up 2.1%

The firm has a market cap of $18.45 billion, a P/E ratio of 17.65, a PEG ratio of 1.22 and a beta of 0.56. The firm's fifty day moving average is $19.92 and its two-hundred day moving average is $16.24. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.28 by $0.09. The business had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The firm's revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 earnings per share. Analysts predict that Permian Resources Corporation will post 1.92 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th were paid a dividend of $0.16 per share. This is a boost from Permian Resources's previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, March 17th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.9%. Permian Resources's dividend payout ratio is presently 51.20%.

Insiders Place Their Bets

In other news, CEO William M. Hickey III sold 898,423 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total transaction of $16,513,014.74. Following the transaction, the chief executive officer owned 9,389,405 shares of the company's stock, valued at approximately $172,577,263.90. This represents a 8.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey Tepper sold 50,000 shares of the firm's stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $19.38, for a total value of $969,000.00. Following the sale, the director directly owned 150,546 shares in the company, valued at approximately $2,917,581.48. The trade was a 24.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 3,130,066 shares of company stock worth $58,837,655 over the last ninety days. 5.00% of the stock is owned by company insiders.

Institutional Trading of Permian Resources

Institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC raised its position in Permian Resources by 114.1% in the third quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company's stock valued at $25,000 after purchasing an additional 1,047 shares during the period. SHP Wealth Management purchased a new stake in Permian Resources during the 4th quarter worth about $27,000. SJS Investment Consulting Inc. increased its holdings 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 purchasing an additional 1,341 shares during the period. Los Angeles Capital Management LLC purchased a new stake in Permian Resources during the 4th quarter worth about $39,000. Finally, State of Wyoming increased its holdings in Permian Resources by 126.8% during the 4th quarter. State of Wyoming now owns 2,933 shares of the company's stock worth $41,000 after purchasing an additional 1,640 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

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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