10 Best Stocks For Day Trading

2. Permian Resources Corporation (NYSE:PR)

5-year Beta (monthly): 4.34

Average Volume: 11,224,979

Number of Hedge Fund Holders: 51

Permian Resources Corporation (NYSE:PR) is a known name in the oil and natural gas sector, primarily focused on maximizing returns for its stakeholders through careful management and development of valuable assets. It takes its place on our list of the best stocks for day trading.

According to the company, it ranks as the second-largest independent exploration and production entity in the Permian Basin. With over 400,000 net leasehold acres and around 68,000 net royalty acres, it is well-positioned to capitalize on the region’s rich oil and liquids-rich natural gas reserves.

Recently, on September 3, the company announced a significant increase in its quarterly base dividend, raising it from $0.06 to $0.15 per share, which translates to an annual yield of $0.60 per share. The 150% boost is evidence of the company’s commitment to returning value to shareholders, placing it among the top in dividend yields within the U.S. independent exploration and production sector as per the company.

To further improve shareholder value, Permian Resources’ (NYSE:PR) Board of Directors has approved a new share repurchase program amounting to $1 billion and replaced the previous $500 million initiative. The approach to buybacks aligns with the company’s historical practices of opportunistic repurchases, which allow it to adjust to market conditions.

Management’s confidence in the sustainability of the new base dividend is noteworthy, especially considering the company’s resilience during potential downturns. Co-CEO Will Hickey emphasized that the dividend can be comfortably maintained for over two years even if oil prices dip below $50 per barrel. The assurance is supported by the company’s advantageous cost structure in the Delaware Basin, a wealth of low-breakeven drilling locations, and a strong balance sheet.

Additionally, on September 17, Permian Resources (NYSE:PR) announced the successful completion of its acquisition of leasehold and royalty interests, along with significant midstream infrastructure from Occidental Petroleum Corporation.

The acquisition adds approximately 29,500 net acres and 9,900 net royalty acres, primarily situated adjacent to the company’s existing assets in Reeves County, Texas. The expansion not only improves the company’s resource base but also strengthens its operational capabilities in a prime area of the Permian Basin.

In the second quarter, 51 hedge funds had stakes in Permian Resources (NYSE:PR), with total positions worth $1.4 billion.