Short Interest in Permian Resources Corporation (NYSE:PR) Decreases By 16.8%
by Kim Johansen · The Markets DailyPermian Resources Corporation (NYSE:PR – Get Free Report) saw a large decrease in short interest during the month of January. As of January 15th, there was short interest totaling 28,374,637 shares, a decrease of 16.8% from the December 31st total of 34,122,082 shares. Based on an average daily volume of 11,200,163 shares, the short-interest ratio is presently 2.5 days. Currently, 3.9% of the company’s stock are short sold. Currently, 3.9% of the company’s stock are short sold. Based on an average daily volume of 11,200,163 shares, the short-interest ratio is presently 2.5 days.
Wall Street Analyst Weigh In
A number of research analysts recently weighed in on PR shares. Zacks Research downgraded Permian Resources from a “hold” rating to a “strong sell” rating in a research note on Tuesday, January 20th. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Benchmark reaffirmed a “buy” rating on shares of Permian Resources in a report on Monday. The Goldman Sachs Group lifted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a report on Friday, November 14th. Finally, Morgan Stanley decreased their price target on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, two have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $18.71.
Read Our Latest Stock Analysis on Permian Resources
Permian Resources Stock Performance
Permian Resources stock traded down $0.29 during mid-day trading on Monday, reaching $15.85. The company had a trading volume of 6,400,403 shares, compared to its average volume of 11,063,481. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The firm has a market cap of $13.14 billion, a price-to-earnings ratio of 14.51 and a beta of 0.76. The company has a 50 day moving average of $14.41 and a 200-day moving average of $13.70. Permian Resources has a 52 week low of $10.01 and a 52 week high of $16.25.
Permian Resources (NYSE:PR – Get Free Report) last announced its quarterly earnings data on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates 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 net margin of 15.65% and a return on equity of 11.03%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.53 EPS. On average, sell-side analysts expect that Permian Resources will post 1.45 EPS for the current fiscal year.
Permian Resources Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th were paid a $0.15 dividend. The ex-dividend date was Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.8%. Permian Resources’s dividend payout ratio is currently 55.05%.
Insider Activity at Permian Resources
In related news, EVP John Charles Bell sold 106,399 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,218.37. Following the completion of the sale, the executive vice president owned 376,442 shares of the company’s stock, valued at approximately $5,130,904.46. The trade was a 22.04% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Guy M. Oliphint sold 172,904 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the completion of the sale, the executive vice president directly owned 616,683 shares of the company’s stock, valued at $8,405,389.29. This represents a 21.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over 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 corporate insiders.
Institutional Trading of Permian Resources
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Kingswood Wealth Advisors LLC lifted its holdings in 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 period. Curated Wealth Partners LLC boosted its position in shares of Permian Resources by 1.1% in the 4th quarter. Curated Wealth Partners LLC now owns 70,601 shares of the company’s stock worth $991,000 after purchasing an additional 747 shares during the last quarter. Chilton Capital Management LLC grew its stake 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 purchasing an additional 800 shares during the period. SCS Capital Management LLC boosted its holdings in Permian Resources by 0.6% during the second quarter. SCS Capital Management LLC now owns 141,205 shares of the company’s stock worth $1,923,000 after buying an additional 870 shares during the last quarter. Finally, Inscription Capital LLC grew its position in shares of Permian Resources by 3.5% during the 3rd quarter. Inscription Capital LLC now owns 28,219 shares of the company’s stock worth $361,000 after buying an additional 948 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.