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

Key Points

• Permian Resources shares hit a new 52-week high of $24.65, trading about 3.1% higher. Analysts remain bullish, with an average “Buy” rating and a $24.44 target price, while several firms raised targets to as high as $29.
• The company exceeded quarterly expectations, reporting $0.69 earnings per share versus the $0.59 consensus and $1.86 billion in revenue, up 55.1% year over year. It also declared a quarterly dividend of $0.16, representing a 2.6% yield.
• Institutional investors own 91.84% of the stock, with several firms increasing their positions. Recent insider sales totaled $372,851 and were primarily attributed to tax-withholding obligations related to vested equity awards.

Permian Resources Corporation (NYSE:PR - Get Free Report)'s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $24.65 and last traded at $24.4890, with a volume of 10405271 shares trading hands. The stock had previously closed at $23.76.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. KeyCorp raised their price target on Permian Resources from $25.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday. UBS Group raised their target price on Permian Resources from $24.00 to $29.00 and gave the stock a "buy" rating in a report on Monday. Roth Capital set a $23.00 target price on Permian Resources and gave the stock a "buy" rating in a research report on Monday, June 22nd. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $29.00 price target on shares of Permian Resources in a research note on Thursday, August 27th. Finally, Wells Fargo & Company upgraded shares of Permian Resources to a "strong-buy" rating in a research report on Wednesday, September 2nd. Five investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $24.44.

Permian Resources Trading Up 3.1%

The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $20.51 billion, a P/E ratio of 16.22 and a beta of 0.49. The company has a fifty day simple moving average of $21.76 and a two-hundred day simple moving average of $20.51.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same quarter last year, the firm posted $0.28 earnings per share. Permian Resources's revenue was up 55.1% compared to the same quarter last year. On average, sell-side analysts expect that Permian Resources Corporation will post 2.27 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources's payout ratio is currently 42.38%.

Insider Buying and Selling

In other news, EVP Robert Shannon sold 5,104 shares of the company's stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the transaction, the executive vice president directly owned 1,346,698 shares of the company's stock, valued at $31,984,077.50. This represents a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the firm's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the transaction, the executive vice president directly owned 1,561,680 shares of the company's stock, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 15,699 shares of company stock valued at $372,851. Company insiders own 5.00% of the company's stock.

Institutional Trading of Permian Resources

Several institutional investors have recently added to or reduced their stakes in the company. Talon Private Wealth LLC grew its holdings in shares of Permian Resources by 24.6% during the 2nd quarter. Talon Private Wealth LLC now owns 150,347 shares of the company's stock worth $2,768,000 after purchasing an additional 29,650 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Permian Resources by 41.5% in the second quarter. Sequoia Financial Advisors LLC now owns 36,820 shares of the company's stock valued at $678,000 after buying an additional 10,793 shares during the period. Tidal Investments LLC raised its stake in shares of Permian Resources by 60.0% during the second quarter. Tidal Investments LLC now owns 385,843 shares of the company's stock valued at $7,103,000 after acquiring an additional 144,704 shares during the last quarter. Arlington Capital Management Inc. bought a new position in Permian Resources during the 2nd quarter worth $212,000. Finally, Integrated Wealth Concepts LLC lifted its stake in shares of Permian Resources by 15.1% in the second quarter. Integrated Wealth Concepts LLC now owns 33,493 shares of the company's stock worth $617,000 after acquiring an additional 4,388 shares during the period. 91.84% of the stock is currently owned by institutional investors.

About Permian Resources

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company's production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.

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