Permian Resources Co. (NYSE:PR) Shares Purchased by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund boosted its position in Permian Resources Co. (NYSE:PR) by 147.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 525,700 shares of the company’s stock after purchasing an additional 313,400 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Permian Resources were worth $7,155,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Freedom Investment Management Inc. raised its position in shares of Permian Resources by 12.3% in the third quarter. Freedom Investment Management Inc. now owns 55,627 shares of the company’s stock valued at $757,000 after buying an additional 6,086 shares during the last quarter. Townsquare Capital LLC purchased a new stake in Permian Resources during the 3rd quarter valued at about $257,000. Transamerica Financial Advisors Inc. acquired a new stake in Permian Resources in the 3rd quarter valued at about $65,000. The Manufacturers Life Insurance Company lifted its stake in Permian Resources by 20.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 579,375 shares of the company’s stock worth $7,885,000 after purchasing an additional 100,056 shares in the last quarter. Finally, Truvestments Capital LLC acquired a new position in shares of Permian Resources during the 3rd quarter worth approximately $96,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Analysts Set New Price Targets

PR has been the subject of several recent research reports. Benchmark cut their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Truist Financial boosted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 8th. JPMorgan Chase & Co. cut their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Susquehanna dropped their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, Piper Sandler upped their price objective on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $18.93.

Insider Activity

In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources 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 $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction 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 transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The trade was a 5.88 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Permian Resources Stock Performance

Shares of PR opened at $15.66 on Friday. The company has a market capitalization 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 Co. has a 52-week low of $12.34 and a 52-week high of $18.28. 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 moving average price of $14.42 and a 200 day moving average price of $14.93.

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

Permian Resources Increases Dividend

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

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.