Permian Resources (NYSE:PR) Reaches New 52-Week High - What's Next?

Key Points

• Permian Resources shares reached a new 52-week high of $24.20 and last traded at $23.7650, above their 50-day and 200-day moving averages.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and an average price target of $24.00; targets range as high as $29.00.
• The company surpassed quarterly expectations, reporting $0.69 in EPS and $1.86 billion in revenue, while revenue rose 55.1% year over year. It also announced a quarterly dividend of $0.16 per share, representing a 2.7% yield.

Permian Resources Corporation (NYSE:PR - Get Free Report) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $24.20 and last traded at $23.7650, with a volume of 422420 shares changing hands. The stock had previously closed at $23.62.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on PR shares. Seaport Research Partners initiated coverage on shares of Permian Resources in a report on Thursday, September 3rd. They issued a "buy" rating and a $29.00 target price on the stock. Zacks Research cut shares of Permian Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 22nd. Evercore assumed coverage on shares of Permian Resources in a research note on Tuesday, June 23rd. They issued an "outperform" rating and a $25.00 price target on the stock. UBS Group decreased their price target on shares of Permian Resources from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Friday, July 17th. Finally, Morgan Stanley restated an "overweight" rating on shares of Permian Resources in a research report on Wednesday, August 19th. Six equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $24.00.

Permian Resources Stock Performance

The business's fifty day moving average is $21.32 and its two-hundred day moving average is $20.33. 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 $19.80 billion, a PE ratio of 15.64 and a beta of 0.49.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter in the prior year, the firm earned $0.28 earnings per share. Permian Resources's revenue was up 55.1% on a year-over-year basis. As a group, research analysts anticipate that Permian Resources Corporation will post 2.27 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 16th. Permian Resources's dividend payout ratio is currently 42.38%.

Insider Activity at Permian Resources

In related news, EVP Robert Shannon sold 5,104 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,220.00. Following the completion of the transaction, the executive vice president owned 1,346,698 shares of the company's stock, valued at approximately $31,984,077.50. This trade represents a 0.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 Permian Resources stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the completion of the transaction, the executive vice president owned 1,561,680 shares of the company's stock, valued at approximately $37,089,900. This represents a 0.35% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 15,699 shares of company stock valued at $372,851. Insiders own 5.00% of the company's stock.

Institutional Trading of Permian Resources

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company's stock valued at $443,856,000 after acquiring an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock worth $352,906,000 after purchasing an additional 13,483,136 shares during the period. State Street Corp boosted its stake in shares of Permian Resources by 2.0% during the 4th quarter. State Street Corp now owns 23,553,393 shares of the company's stock worth $330,454,000 after purchasing an additional 460,158 shares during the period. Wellington Management Group LLP grew its holdings in Permian Resources by 3.9% during the 2nd quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company's stock valued at $371,074,000 after purchasing an additional 763,059 shares during the last quarter. Finally, Boston Partners grew its holdings in Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company's stock valued at $222,099,000 after purchasing an additional 7,503,654 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Company Profile

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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