Short Interest in Permian Resources Corporation (NYSE:PR) Decreases By 30.0%

Permian Resources Corporation (NYSE:PR) was the target of a large decrease in short interest in September. As of September 15th, there was short interest totaling 34,250,000 shares, a decrease of 30.0% from the August 31st total of 48,950,000 shares. Based on an average daily volume of 11,830,000 shares, the days-to-cover ratio is presently 2.9 days. Currently, 5.5% of the company’s stock are short sold. Currently, 5.5% of the company’s stock are short sold. Based on an average daily volume of 11,830,000 shares, the days-to-cover ratio is presently 2.9 days.

Insider Activity at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the transaction, the executive vice president owned 91,805 shares of the company’s stock, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP John Charles Bell sold 4,743 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the sale, the executive vice president directly owned 107,569 shares of the company’s stock, valued at $1,528,555.49. This represents a 4.22% decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Institutional investors have recently made changes to their positions in the company. Allworth Financial LP increased its stake in shares of Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after purchasing an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC acquired a new position in Permian Resources in the 1st quarter valued at $30,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Permian Resources by 154.4% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after buying an additional 1,391 shares in the last quarter. Keystone Global Partners LLC bought a new position in Permian Resources during the 1st quarter worth $36,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of Permian Resources during the second quarter worth $36,000. Institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

PR has been the subject of a number of recent research reports. Wall Street Zen downgraded Permian Resources from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. William Blair began coverage on shares of Permian Resources in a report on Monday, August 25th. They set an “outperform” rating for the company. Mizuho decreased their target price on shares of Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Morgan Stanley boosted their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a research report on Monday, August 18th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Permian Resources in a report on Saturday, September 27th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Permian Resources has a consensus rating of “Buy” and an average target price of $18.63.

Permian Resources Trading Up 1.4%

Shares of Permian Resources stock opened at $12.56 on Monday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The business has a fifty day simple moving average of $13.63 and a two-hundred day simple moving average of $13.29. Permian Resources has a 1 year low of $10.01 and a 1 year high of $16.33. The company has a market capitalization of $10.05 billion, a price-to-earnings ratio of 8.15 and a beta of 1.32.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The company’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.39 earnings per share. Research analysts forecast that Permian Resources will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend was Tuesday, September 16th. Permian Resources’s dividend payout ratio is currently 38.96%.

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.