Permian Resources Co. (NYSE:PR) Shares Sold by Bank of Montreal Can

Bank of Montreal Can cut its stake in Permian Resources Co. (NYSE:PR) by 18.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 928,387 shares of the company’s stock after selling 207,979 shares during the quarter. Bank of Montreal Can owned about 0.12% of Permian Resources worth $12,543,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of PR. Truvestments Capital LLC acquired a new stake in shares of Permian Resources during the third quarter valued at about $96,000. SevenBridge Financial Group LLC purchased a new position in Permian Resources in the third quarter valued at about $836,000. Westfield Capital Management Co. LP grew its stake in Permian Resources by 3.4% during the 3rd quarter. Westfield Capital Management Co. LP now owns 5,119,622 shares of the company’s stock valued at $69,678,000 after purchasing an additional 167,986 shares in the last quarter. Larson Financial Group LLC increased its holdings in Permian Resources by 3.1% during the 3rd quarter. Larson Financial Group LLC now owns 215,764 shares of the company’s stock worth $2,937,000 after purchasing an additional 6,519 shares during the last quarter. Finally, Algert Global LLC raised its position in shares of Permian Resources by 41.2% in the 3rd quarter. Algert Global LLC now owns 864,935 shares of the company’s stock valued at $11,772,000 after purchasing an additional 252,399 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on PR. Piper Sandler raised their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Monday, November 18th. Citigroup decreased their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Wells Fargo & Company cut their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Mizuho decreased their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Finally, Susquehanna reduced their target price on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average price target of $18.93.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. This trade represents a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Permian Resources Stock Performance

Shares of PR opened at $15.66 on Monday. 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 Co. has a 1 year low of $12.34 and a 1 year high of $18.28. The firm has a fifty day moving average of $14.45 and a 200-day moving average of $14.91. The company has a market cap of $12.58 billion, a price-to-earnings ratio of 9.49, a price-to-earnings-growth ratio of 0.94 and a beta of 4.34.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources’s quarterly revenue was up 60.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.36 EPS. As a group, equities analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a $0.15 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

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.