Permian Resources Sees Unusually High Options Volume (NYSE:PR)

Permian Resources Co. (NYSE:PR) saw some unusual options trading on Monday. Investors bought 4,230 call options on the company. This is an increase of 56% compared to the typical volume of 2,704 call options.

Insider Activity at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.03, for a total value of $39,340.12. Following the transaction, the executive vice president now owns 74,433 shares of the company’s stock, valued at $1,044,294.99. This represents a 3.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,446 shares of company stock valued at $269,731. Insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several large investors have recently bought and sold shares of the stock. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Permian Resources in the fourth quarter worth approximately $431,676,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Permian Resources by 60.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company’s stock valued at $469,856,000 after purchasing an additional 12,306,854 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Permian Resources by 55.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company’s stock worth $169,864,000 after purchasing an additional 4,236,141 shares during the last quarter. Freestone Grove Partners LP acquired a new position in shares of Permian Resources during the fourth quarter worth $57,114,000. Finally, Invesco Ltd. grew its stake in shares of Permian Resources by 56.1% during the fourth quarter. Invesco Ltd. now owns 7,920,750 shares of the company’s stock worth $113,900,000 after purchasing an additional 2,845,449 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

PR stock opened at $14.17 on Tuesday. The business’s fifty day moving average price is $14.28 and its 200 day moving average price is $14.34. Permian Resources has a 12-month low of $11.84 and a 12-month high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $11.38 billion, a PE ratio of 8.58, a P/E/G ratio of 4.05 and a beta of 4.30.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources’s dividend payout ratio is currently 41.96%.

Wall Street Analyst Weigh In

PR has been the subject of a number of analyst reports. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and upped their price objective for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. Truist Financial increased their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Williams Trading set a $19.00 price objective on shares of Permian Resources in a research report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their target price on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Piper Sandler cut their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.31.

Permian Resources Company Profile

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.