Permian Resources Corporation (NYSE:PR) Short Interest Update
by Tristan Rich · The Markets DailyPermian Resources Corporation (NYSE:PR – Get Free Report) was the target of a large decrease in short interest in the month of February. As of February 27th, there was short interest totaling 22,491,588 shares, a decrease of 18.9% from the February 12th total of 27,748,434 shares. Based on an average daily trading volume, of 10,917,804 shares, the days-to-cover ratio is presently 2.1 days. Approximately 3.1% of the company’s stock are short sold. Approximately 3.1% of the company’s stock are short sold. Based on an average daily trading volume, of 10,917,804 shares, the days-to-cover ratio is presently 2.1 days.
Permian Resources Stock Up 1.4%
Shares of Permian Resources stock opened at $19.34 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31. The company has a market cap of $16.04 billion, a P/E ratio of 15.47 and a beta of 0.66. The firm’s 50 day moving average price is $16.49 and its 200-day moving average price is $14.58. Permian Resources has a 52-week low of $10.01 and a 52-week high of $19.64.
Permian Resources (NYSE:PR – Get Free Report) last posted its earnings results on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09. The company had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. Permian Resources’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.36 earnings per share. On average, sell-side analysts predict that Permian Resources will post 1.45 EPS for the current fiscal year.
Permian Resources Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be issued a dividend of $0.16 per share. The ex-dividend date is Tuesday, March 17th. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. Permian Resources’s dividend payout ratio (DPR) is currently 51.20%.
Analysts Set New Price Targets
Several equities research analysts have recently commented on PR shares. Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, March 6th. Morgan Stanley dropped their price objective on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating on the stock in a research note on Friday, January 23rd. UBS Group lifted their price objective on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Citigroup upped their target price on Permian Resources from $17.00 to $21.00 and gave the stock a “buy” rating in a report on Friday, March 6th. Finally, Wells Fargo & Company increased their target price on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, January 27th. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and an average price target of $20.42.
Insiders Place Their Bets
In related news, CEO William M. Hickey III sold 898,423 shares of Permian Resources stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $18.38, for a total value of $16,513,014.74. Following the completion of the sale, the chief executive officer directly owned 9,389,405 shares in the company, valued at $172,577,263.90. The trade was a 8.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director William J. Quinn sold 800,000 shares of the company’s stock in a transaction dated Wednesday, March 11th. The stock was sold at an average price of $19.15, for a total transaction of $15,320,000.00. Following the completion of the sale, the director directly owned 7,426,839 shares of the company’s stock, valued at approximately $142,223,966.85. This trade represents a 9.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 4,765,093 shares of company stock worth $77,807,101. 6.44% of the stock is owned by company insiders.
Institutional Investors Weigh In On Permian Resources
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Permian Resources by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock valued at $1,057,930,000 after acquiring an additional 3,941,318 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Permian Resources by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after purchasing an additional 4,533,732 shares in the last quarter. Bank of New York Mellon Corp grew its position in Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after purchasing an additional 13,483,136 shares during the last quarter. State Street Corp grew its position in Permian Resources by 2.0% during the 4th quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after purchasing an additional 460,158 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Permian Resources by 8.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock valued at $236,207,000 after purchasing an additional 1,421,059 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.
Permian Resources Company Profile
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.