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

Permian Resources Co. (NYSE:PR) saw some unusual options trading activity on Monday. Traders purchased 4,230 call options on the stock. This is an increase of approximately 56% compared to the typical daily volume of 2,704 call options.

Insider Activity

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William J. Quinn purchased 500,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were bought at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the transaction, the director now owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 18,446 shares of company stock valued at $269,731 over the last quarter. Company insiders own 12.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Principal Securities Inc. grew its position in Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock worth $29,000 after acquiring an additional 852 shares during the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Permian Resources during the fourth quarter valued at approximately $31,000. Global Retirement Partners LLC grew its holdings in shares of Permian Resources by 98.4% in the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after purchasing an additional 1,232 shares during the last quarter. Rakuten Securities Inc. increased its stake in shares of Permian Resources by 1,152.5% in the fourth quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock worth $36,000 after buying an additional 2,305 shares during the period. Finally, RE Dickinson Investment Advisors LLC bought a new stake in Permian Resources during the 4th quarter valued at $41,000. 91.84% of the stock is owned by institutional investors.

Permian Resources Trading Up 0.8 %

Shares of PR opened at $14.26 on Wednesday. Permian Resources has a fifty-two week low of $11.84 and a fifty-two week high of $18.28. The firm has a market cap of $11.46 billion, a price-to-earnings ratio of 8.64, a PEG ratio of 4.05 and a beta of 4.30. The firm has a 50 day moving average price of $14.25 and a 200-day moving average price of $14.35. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.21%. Permian Resources’s payout ratio is 41.96%.

Analyst Ratings Changes

Several analysts have issued reports on PR shares. Piper Sandler lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Susquehanna upgraded Permian Resources from a “neutral” rating to a “positive” rating and increased their price objective for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Morgan Stanley began coverage on Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 target price for the company. Truist Financial raised 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. Finally, Williams Trading set a $19.00 price objective on Permian Resources in a report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average 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.