Investors Buy Large Volume of Call Options on Permian Resources (NASDAQ:PR)

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

Insider Buying and Selling

In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Permian Resources news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William M. Hickey III sold 4,000,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were 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 32,916,943 shares of company stock worth $516,796,999 in the last quarter. 23.14% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently modified their holdings of the stock. Global Retirement Partners LLC bought a new stake in shares of Permian Resources in the first quarter valued at about $25,000. Rise Advisors LLC bought a new stake in shares of Permian Resources in the first quarter valued at about $32,000. Parallel Advisors LLC boosted its position in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after acquiring an additional 1,178 shares during the period. DekaBank Deutsche Girozentrale bought a new stake in shares of Permian Resources in the fourth quarter valued at about $33,000. Finally, GAMMA Investing LLC bought a new stake in shares of Permian Resources in the fourth quarter valued at about $43,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Stifel Nicolaus lifted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Citigroup lifted their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Piper Sandler lifted their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Mizuho lifted their price objective 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. Finally, Benchmark reissued a “buy” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

Permian Resources Price Performance

Shares of PR opened at $17.19 on Wednesday. The company has a market cap of $13.27 billion, a price-to-earnings ratio of 14.82 and a beta of 4.35. Permian Resources has a 1-year low of $8.94 and a 1-year high of $18.28. The company’s fifty day simple moving average is $16.51 and its 200 day simple moving average is $14.63. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.

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

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Shareholders 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%.

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.