Investors Buy High Volume of Permian Resources Call Options (NYSE:PR)

Permian Resources Co. (NYSE:PR - Get Free Report) saw unusually large options trading on Monday. Stock investors acquired 4,230 call options on the company. This is an increase of approximately 56% compared to the typical daily volume of 2,704 call options.

Insiders Place Their Bets

In related news, Director William J. Quinn bought 500,000 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was purchased at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the completion of the acquisition, the director now owns 812,429 shares in the company, valued at $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Guy M. Oliphint sold 8,761 shares of the company's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares of the company's stock, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,446 shares of company stock valued at $269,731 in the last quarter. 12.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Permian Resources

A number of institutional investors have recently made changes to their positions in PR. Kingsview Wealth Management LLC bought a new stake in shares of Permian Resources in the fourth quarter worth $632,000. Wright Investors Service Inc. acquired a new position in Permian Resources during the 4th quarter worth $498,000. Point72 Asset Management L.P. increased its position in shares of Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock worth $74,811,000 after purchasing an additional 2,023,742 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Permian Resources by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,339,873 shares of the company's stock valued at $62,407,000 after purchasing an additional 176,320 shares in the last quarter. Finally, New York State Teachers Retirement System lifted its position in shares of Permian Resources by 36.9% during the fourth quarter. New York State Teachers Retirement System now owns 269,905 shares of the company's stock worth $3,881,000 after purchasing an additional 72,726 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several research analysts recently weighed in on PR shares. Citigroup lowered Permian Resources from a "buy" rating to a "reduce" rating in a research report on Wednesday, March 5th. Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and raised their price objective for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Morgan Stanley cut their price target on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday. Finally, Truist Financial lifted their price target on shares of Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.31.

Permian Resources Stock Down 2.0 %

Shares of Permian Resources stock traded down $0.28 during trading hours on Friday, hitting $13.68. 1,627,117 shares of the company's stock traded hands, compared to its average volume of 8,413,036. Permian Resources has a twelve month low of $11.84 and a twelve month high of $18.28. The company has a market cap of $10.99 billion, a PE ratio of 8.29, a PEG 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. The stock has a 50 day simple moving average of $14.18 and a 200-day simple moving average of $14.34.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued 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 4.39%. Permian Resources's dividend payout ratio is presently 41.96%.

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.