Permian Resources (NYSE:PR) Sets New 52-Week High – Should You Buy?

by · The Markets Daily

Permian Resources Corporation (NYSE:PR – Get Free Report) reached a new 52-week high during trading on Monday . The company traded as high as $19.09 and last traded at $18.6970, with a volume of 1596626 shares changing hands. The stock had previously closed at $18.29.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. UBS Group boosted their price target on shares of Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, December 12th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $21.00 price objective on shares of Permian Resources in a research note on Thursday. Wells Fargo & Company increased their target price on Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 27th. Mizuho lifted their target price on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a research report on Friday, December 12th. Finally, Zacks Research raised shares of Permian Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $18.64.

View Our Latest Analysis on PR

Permian Resources Stock Performance

The company has a market capitalization of $15.48 billion, a PE ratio of 14.92 and a beta of 0.66. The stock’s 50-day simple moving average is $15.52 and its 200 day simple moving average is $14.21. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78.

Permian Resources (NYSE:PR – Get Free Report) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.Permian Resources’s quarterly revenue was down 9.8% on a year-over-year basis. During the same period last year, the firm earned $0.36 earnings per share. As a group, research analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a $0.16 dividend. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 3.4%. The ex-dividend date is Tuesday, March 17th. Permian Resources’s payout ratio is currently 48.00%.

Insider Activity at Permian Resources

In related news, EVP Robert Regan Shannon sold 106,405 shares of the business’s stock in a transaction on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $1,450,300.15. Following the completion of the sale, the executive vice president directly owned 360,667 shares of the company’s stock, valued at $4,915,891.21. The trade was a 22.78% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James H. Walter sold 467,700 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 $6,374,751.00. Following the transaction, the chief executive officer directly owned 1,010,138 shares in the company, valued at approximately $13,768,180.94. The trade was a 31.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 2,210,456 shares of company stock valued at $30,231,728 in the last quarter. Company insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PR. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Permian Resources by 4.0% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock valued at $224,000 after acquiring an additional 607 shares during the period. Waterloo Capital L.P. increased its stake in Permian Resources by 3.1% in the fourth 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 period. Kingswood Wealth Advisors LLC raised its holdings in shares of Permian Resources by 5.4% in the fourth quarter. Kingswood Wealth Advisors LLC now owns 13,668 shares of the company’s stock valued at $192,000 after buying an additional 706 shares during the last quarter. Curated Wealth Partners LLC boosted its stake in shares of Permian Resources by 1.1% during the fourth quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock worth $991,000 after buying an additional 747 shares during the period. Finally, Chilton Capital Management LLC grew its holdings in shares of Permian Resources by 3.5% during the third quarter. Chilton Capital Management LLC now owns 23,668 shares of the company’s stock worth $303,000 after buying an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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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