Short Interest in Permian Resources Corporation (NYSE:PR) Decreases By 30.0%

Key Points

• Short interest in Permian Resources Corporation decreased by 30.0% to 34,250,000 shares in September, indicating a lower bearish sentiment among investors.
• Permian Resources announced a quarterly dividend of $0.15 per share, with an annual yield of 4.8%, reflecting a stable capital return to shareholders.
• Major institutional investors have increased their holdings in Permian Resources, with Bank of New York Mellon Corp boosting its stake by 86.8% in the second quarter.

Permian Resources Corporation (NYSE:PR - Get Free Report) was the target of a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 34,250,000 shares, a drop of 30.0% from the August 31st total of 48,950,000 shares. Approximately 5.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 11,830,000 shares, the days-to-cover ratio is currently 2.9 days. Based on an average daily trading volume, of 11,830,000 shares, the days-to-cover ratio is currently 2.9 days. Approximately 5.5% of the shares of the stock are short sold.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares of the company's stock, valued at $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Institutional Trading of Permian Resources

A number of institutional investors and hedge funds have recently modified their holdings of PR. Bank of New York Mellon Corp boosted its stake in Permian Resources by 86.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 23,963,307 shares of the company's stock worth $326,380,000 after acquiring an additional 11,133,354 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Permian Resources by 19.4% in the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company's stock worth $195,276,000 after purchasing an additional 2,286,363 shares during the period. Nuveen LLC bought a new position in shares of Permian Resources during the first quarter worth $175,525,000. American Century Companies Inc. grew its holdings in shares of Permian Resources by 20.3% in the 2nd quarter. American Century Companies Inc. now owns 11,043,274 shares of the company's stock valued at $150,409,000 after buying an additional 1,863,632 shares during the period. Finally, Boston Partners bought a new stake in shares of Permian Resources in the 2nd quarter valued at $134,119,000. 91.84% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on PR. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $17.00 price objective on shares of Permian Resources in a report on Tuesday, September 2nd. Scotiabank assumed coverage on Permian Resources in a research report on Friday, September 19th. They issued a "sector outperform" rating and a $21.00 price objective for the company. Weiss Ratings reissued a "buy (b-)" rating on shares of Permian Resources in a research note on Saturday, September 27th. Morgan Stanley increased their target price on Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, William Blair began coverage on Permian Resources in a report on Monday, August 25th. They issued an "outperform" rating for the company. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $18.63.

Permian Resources Trading Up 1.4%

Shares of NYSE PR opened at $12.56 on Monday. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The firm has a market capitalization of $10.05 billion, a P/E ratio of 8.15 and a beta of 1.32. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The company's 50 day simple moving average is $13.63 and its 200 day simple moving average is $13.29.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. The company had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business's revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.39 EPS. On average, analysts predict that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a dividend of $0.15 per share. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.8%. Permian Resources's dividend payout ratio (DPR) is 38.96%.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.

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