Permian Resources Target of Unusually Large Options Trading (NYSE:PR)

Permian Resources Co. (NYSE:PR) was the target of unusually large options trading on Monday. Stock investors purchased 4,230 call options on the company. This represents an increase of 56% compared to the typical daily volume of 2,704 call options.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and lifted their price target for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. Piper Sandler lowered their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Truist Financial lifted their price target on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. Williams Trading set a $19.00 price objective on Permian Resources in a research report on Wednesday, March 5th. Finally, Citigroup cut Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $19.31.

Permian Resources Stock Up 2.1 %

Shares of NYSE:PR traded up $0.30 on Monday, reaching $14.08. The company had a trading volume of 331,358 shares, compared to its average volume of 9,173,770. Permian Resources has a twelve month low of $11.84 and a twelve month high of $18.28. The stock has a 50-day moving average price of $14.30 and a 200 day moving average price of $14.33. The stock has a market capitalization of $11.31 billion, a P/E ratio of 8.51, a P/E/G ratio of 4.05 and a beta of 4.30. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.26%. Permian Resources’s dividend payout ratio is presently 41.96%.

Insider Buying and Selling

In other news, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director William J. Quinn purchased 500,000 shares of the stock in a transaction dated Monday, March 3rd. The shares were acquired at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the acquisition, the director now directly owns 812,429 shares of the company’s stock, valued at $10,618,447.03. This represents a 160.04 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 18,446 shares of company stock worth $269,731 in the last three months. 12.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

Several large investors have recently made changes to their positions in the business. California State Teachers Retirement System lifted its position in shares of Permian Resources by 12.5% during the 4th quarter. California State Teachers Retirement System now owns 562,494 shares of the company’s stock worth $8,089,000 after purchasing an additional 62,339 shares during the last quarter. Ameriflex Group Inc. acquired a new position in shares of Permian Resources during the 4th quarter worth about $89,000. Forum Financial Management LP lifted its position in shares of Permian Resources by 39.1% during the 4th quarter. Forum Financial Management LP now owns 20,280 shares of the company’s stock worth $292,000 after purchasing an additional 5,705 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Permian Resources during the 4th quarter worth about $2,782,000. Finally, Sunbelt Securities Inc. lifted its position in shares of Permian Resources by 435.5% during the 4th quarter. Sunbelt Securities Inc. now owns 17,092 shares of the company’s stock worth $242,000 after purchasing an additional 13,900 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.