Traders Buy Large Volume of Permian Resources Call Options (NYSE:PR)

Key Points

• Permian Resources call-option activity surged to 6,448 contracts, 72% above its average daily volume, signaling heightened trading interest.
• Shares rose 3.5% to $23.84, near the 52-week high, while analysts maintained a consensus “Buy” rating with a $23.47 target price.
• The company exceeded quarterly earnings and revenue expectations, with revenue up 55.1% year over year, and declared a quarterly dividend of $0.16 per share, yielding 2.7% annually.

Permian Resources Corporation (NYSE:PR - Get Free Report) saw unusually large options trading activity on Thursday. Traders acquired 6,448 call options on the company. This represents an increase of 72% compared to the average daily volume of 3,755 call options.

Wall Street Analyst Weigh In

PR has been the subject of a number of recent research reports. Zacks Research cut shares of Permian Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 22nd. Citigroup decreased their price target on Permian Resources from $26.00 to $24.00 and set a "buy" rating on the stock in a research note on Wednesday, July 15th. Morgan Stanley reaffirmed an "overweight" rating on shares of Permian Resources in a research report on Wednesday. Wall Street Zen upgraded shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Finally, Mizuho upgraded shares of Permian Resources to a "strong-buy" rating in a research note on Friday, July 31st. Five research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Permian Resources presently has a consensus rating of "Buy" and a consensus target price of $23.47.

Permian Resources Trading Up 3.5%

NYSE PR traded up $0.82 during mid-day trading on Thursday, reaching $23.84. 2,252,854 shares of the stock were exchanged, compared to its average volume of 11,678,480. 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 stock has a market capitalization of $19.96 billion, a PE ratio of 15.79 and a beta of 0.48. Permian Resources has a 1-year low of $11.92 and a 1-year high of $24.09. The business's fifty day simple moving average is $19.90 and its 200 day simple moving average is $19.64.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period last year, the company posted $0.28 EPS. The business's quarterly revenue was up 55.1% on a year-over-year basis. On average, research analysts anticipate that Permian Resources will post 2.15 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources's dividend payout ratio (DPR) is currently 42.38%.

Institutional Trading of Permian Resources

Hedge funds have recently made changes to their positions in the stock. SJS Investment Consulting Inc. lifted its position in Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock valued at $30,000 after purchasing an additional 1,341 shares during the last quarter. SHP Wealth Management bought a new stake in Permian Resources in the fourth quarter worth about $27,000. Cedar Mountain Advisors LLC acquired a new stake in Permian Resources during the first quarter valued at approximately $48,000. Los Angeles Capital Management LLC purchased a new stake in shares of Permian Resources during the fourth quarter valued at $39,000. Finally, State of Wyoming boosted its stake in Permian Resources by 126.8% in 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. Institutional investors own 91.84% of the company's stock.

About Permian Resources

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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