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

by · The Cerbat Gem

Permian Resources Corporation (NYSE:PR – Get Free Report) saw some unusual options trading activity on Wednesday. Investors bought 10,794 call options on the company. This is an increase of 329% compared to the average volume of 2,516 call options.

Insiders Place Their Bets

In other news, CEO William M. Hickey III sold 467,725 shares of the company’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $6,375,091.75. Following the completion of the transaction, the chief executive officer directly owned 1,010,136 shares of the company’s stock, valued at approximately $13,768,153.68. This represents a 31.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Robert Regan Shannon sold 106,405 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,300.15. Following the sale, the executive vice president directly owned 360,667 shares in the company, valued at $4,915,891.21. This trade represents a 22.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 2,210,456 shares of company stock worth $30,231,728. 12.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

Large investors have recently modified their holdings of the business. Curated Wealth Partners LLC raised its position in Permian Resources by 1.1% in the fourth quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock worth $991,000 after acquiring an additional 747 shares in the last quarter. UMB Bank n.a. grew its position in Permian Resources by 12.6% during the second quarter. UMB Bank n.a. now owns 6,953 shares of the company’s stock worth $95,000 after buying an additional 778 shares during the period. Chilton Capital Management LLC increased its holdings in Permian Resources by 3.5% in the third quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock valued at $303,000 after buying an additional 800 shares in the last quarter. SCS Capital Management LLC boosted its stake in shares of Permian Resources by 0.6% during the 2nd quarter. SCS Capital Management LLC now owns 141,205 shares of the company’s stock worth $1,923,000 after acquiring an additional 870 shares in the last quarter. Finally, Inscription Capital LLC increased its stake in Permian Resources by 3.5% in the 3rd quarter. Inscription Capital LLC now owns 28,219 shares of the company’s stock valued at $361,000 after purchasing an additional 948 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PR has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Mizuho raised their price objective on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a report on Friday, December 12th. Scotiabank assumed coverage on Permian Resources in a research report on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 target price for the company. Wells Fargo & Company cut their price target on Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. Finally, The Goldman Sachs Group increased their price objective on Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, November 14th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.79.

Get Our Latest Stock Report on PR

Permian Resources Stock Performance

Shares of NYSE:PR traded up $0.63 during trading on Wednesday, reaching $14.85. The company had a trading volume of 6,725,966 shares, compared to its average volume of 10,741,993. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $16.03. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The stock’s fifty day moving average price is $14.03 and its 200 day moving average price is $13.62. The firm has a market capitalization of $12.31 billion, a price-to-earnings ratio of 13.61 and a beta of 0.66.

Permian Resources (NYSE:PR – Get Free Report) last issued its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.22). The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.Permian Resources’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 earnings per share. As a group, equities research analysts predict that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Wednesday, December 17th. Permian Resources’s payout ratio is 55.05%.

Permian Resources Company Profile

(Get Free Report)

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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