Permian Resources Sees Unusually Large Options Volume (NASDAQ:PR)

Permian Resources Co. (NASDAQ:PR) was the target of unusually large options trading activity on Tuesday. Traders acquired 17,809 call options on the company. This is an increase of 529% compared to the average daily volume of 2,833 call options.

Permian Resources Stock Up 0.5 %

Shares of NASDAQ PR opened at $17.26 on Thursday. The company has a market capitalization of $13.32 billion, a P/E ratio of 14.88 and a beta of 4.35. Permian Resources has a 52-week low of $8.94 and a 52-week high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The company’s 50 day moving average price is $16.58 and its 200-day moving average price is $14.65.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Equities analysts forecast that Permian Resources will post 1.72 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.16%. Permian Resources’s dividend payout ratio is currently 17.24%.

Insider Buying and Selling

In other Permian Resources news, CEO William M. Hickey III sold 4,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $62,840,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction on Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the sale, the director now owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO William M. Hickey III sold 4,000,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $62,840,000.00. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock valued at $516,796,999 over the last ninety days. Insiders own 23.14% of the company’s stock.

Hedge Funds Weigh In On Permian Resources

Several institutional investors have recently added to or reduced their stakes in the stock. Simplicity Wealth LLC bought a new position in Permian Resources during the first quarter worth about $221,000. Global Retirement Partners LLC bought a new position in Permian Resources during the first quarter worth about $25,000. Louisiana State Employees Retirement System boosted its position in Permian Resources by 11.3% during the first quarter. Louisiana State Employees Retirement System now owns 129,900 shares of the company’s stock worth $2,294,000 after purchasing an additional 13,200 shares during the period. Amalgamated Bank boosted its position in Permian Resources by 1.3% during the first quarter. Amalgamated Bank now owns 243,834 shares of the company’s stock worth $4,306,000 after purchasing an additional 3,122 shares during the period. Finally, New Mexico Educational Retirement Board boosted its position in Permian Resources by 15.3% during the first quarter. New Mexico Educational Retirement Board now owns 86,500 shares of the company’s stock worth $1,528,000 after purchasing an additional 11,500 shares during the period. Institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on PR. Truist Financial increased their price target on shares of Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Monday. Wells Fargo & Company raised their target price on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Mizuho raised their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, April 15th. Bank of America started coverage on shares of Permian Resources in a research note on Friday, January 5th. They set a “neutral” rating and a $15.00 target price for the company. Finally, Raymond James started coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 target price for the company. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.