Permian Resources (NYSE:PR) Shares Gap Up - What's Next?

Key Points

• Permian Resources shares opened higher, rising from a prior close of $21.68 to $22.19 before trading around $21.96.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $24.83; recent targets range from $25 to $30.
• The company reported better-than-expected quarterly results, including $0.69 in EPS and $1.86 billion in revenue, while announcing a $0.16 quarterly dividend yielding approximately 2.9% annually.

Permian Resources Corporation (NYSE:PR - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $21.68, but opened at $22.19. Permian Resources shares last traded at $21.9640, with a volume of 252,047 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PR shares. Raymond James Financial reiterated a "strong-buy" rating and issued a $29.00 target price on shares of Permian Resources in a research note on Thursday, August 27th. Evercore initiated coverage on Permian Resources in a report on Tuesday, June 23rd. They issued an "outperform" rating and a $25.00 price target for the company. Stifel Nicolaus began coverage on Permian Resources in a research report on Thursday, September 10th. They issued a "buy" rating and a $30.00 price objective for the company. Wells Fargo & Company upgraded Permian Resources to a "strong-buy" rating in a research report on Wednesday, September 2nd. Finally, Seaport Research Partners initiated coverage on Permian Resources in a research note on Thursday, September 3rd. They issued a "buy" rating and a $29.00 target price for the company. Five research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $24.83.

Permian Resources Price Performance

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 firm has a market cap of $18.57 billion, a P/E ratio of 14.68 and a beta of 0.49. The company has a 50-day moving average of $22.11 and a 200 day moving average of $20.67.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating 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 firm had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.66 billion. During the same period in the prior year, the business posted $0.28 earnings per share. The business's revenue was up 55.1% compared to the same quarter last year. On average, sell-side analysts anticipate that Permian Resources Corporation will post 2.27 EPS for the current year.

Permian Resources Dividend Announcement

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

Insider Transactions at Permian Resources

In other Permian Resources news, EVP Robert Shannon sold 5,104 shares of the business's 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 transaction, the executive vice president directly owned 1,346,698 shares in the company, valued at $31,984,077.50. The trade was 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 Guy M. Oliphint sold 5,103 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 $121,196.25. Following the sale, the executive vice president directly owned 537,400 shares in the company, valued at $12,763,250. This represents a 0.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Bessemer Group Inc. increased its stake in shares of Permian Resources by 21.3% during the 1st quarter. Bessemer Group Inc. now owns 3,537 shares of the company's stock worth $76,000 after purchasing an additional 621 shares during the last quarter. Waterloo Capital L.P. lifted its stake in Permian Resources by 3.1% in the 4th quarter. Waterloo Capital L.P. now owns 21,773 shares of the company's stock valued at $305,000 after purchasing an additional 657 shares during the last quarter. Parallel Advisors LLC grew its holdings in Permian Resources by 10.1% during the first quarter. Parallel Advisors LLC now owns 12,153 shares of the company's stock worth $259,000 after purchasing an additional 1,110 shares during the period. SJS Investment Consulting Inc. grew its holdings in Permian Resources by 1,862.5% during the first 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. Finally, GW Henssler & Associates Ltd. raised its stake in Permian Resources by 11.1% in the fourth quarter. GW Henssler & Associates Ltd. now owns 13,857 shares of the company's stock valued at $194,000 after buying an additional 1,390 shares during the period. 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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