Stock Traders Buy Large Volume of Permian Resources Call Options (NYSE:PR)

Permian Resources Co. (NYSE:PR) was the recipient of some unusual options trading activity on Monday. Stock investors acquired 4,230 call options on the company. This represents an increase of approximately 56% compared to the average volume of 2,704 call options.

Permian Resources Trading Up 2.8 %

Shares of NYSE PR opened at $14.17 on Tuesday. The firm’s 50 day moving average price is $14.28 and its 200-day moving average price is $14.34. Permian Resources has a 52-week low of $11.84 and a 52-week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market cap 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 company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 17th will be paid a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.24%. Permian Resources’s dividend payout ratio (DPR) is currently 41.96%.

Wall Street Analysts Forecast Growth

PR has been the topic of several recent research reports. Piper Sandler cut 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. Citigroup lowered Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Williams Trading set a $19.00 price target on shares of Permian Resources in a research report on Wednesday, March 5th. JPMorgan Chase & Co. lowered their price objective on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Susquehanna upgraded shares of Permian Resources from a “neutral” rating to a “positive” rating and lifted their price objective for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and an average target price of $19.31.

Insider Buying and Selling at Permian Resources

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

Institutional Investors Weigh In On Permian Resources

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

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.