51,080 Shares in Permian Resources Co. (NYSE:PR) Acquired by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board acquired a new stake in Permian Resources Co. (NYSE:PR - Free Report) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 51,080 shares of the company's stock, valued at approximately $695,000.

A number of other institutional investors have also recently bought and sold shares of the business. Advisors Asset Management Inc. grew its stake in Permian Resources by 38.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 122,463 shares of the company's stock valued at $1,667,000 after purchasing an additional 33,992 shares during the period. SCP Investment LP grew its stake in Permian Resources by 6.7% in the 3rd quarter. SCP Investment LP now owns 28,600 shares of the company's stock valued at $389,000 after purchasing an additional 1,800 shares during the period. Jennison Associates LLC grew its stake in Permian Resources by 14.5% in the 3rd quarter. Jennison Associates LLC now owns 7,647,329 shares of the company's stock valued at $104,080,000 after purchasing an additional 966,940 shares during the period. Avior Wealth Management LLC grew its stake in Permian Resources by 0.9% in the 3rd quarter. Avior Wealth Management LLC now owns 114,601 shares of the company's stock valued at $1,560,000 after purchasing an additional 1,007 shares during the period. Finally, Pathstone Holdings LLC grew its stake in Permian Resources by 29.8% in the 3rd quarter. Pathstone Holdings LLC now owns 145,193 shares of the company's stock valued at $1,976,000 after purchasing an additional 33,320 shares during the period. Institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of NYSE:PR traded up $0.22 on Friday, hitting $16.21. The company's stock had a trading volume of 11,120,380 shares, compared to its average volume of 10,038,079. The company has a 50-day simple moving average of $14.22 and a 200 day simple moving average of $14.98. Permian Resources Co. has a 1 year low of $12.34 and a 1 year high of $18.28. The company has a market capitalization of $13.02 billion, a PE ratio of 9.68, a PEG ratio of 0.91 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly 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 firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.22 billion. During the same quarter last year, the firm posted $0.36 EPS. The company's revenue was up 60.3% compared to the same quarter last year. Sell-side analysts forecast that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, November 14th. This is a positive change from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 3.70%. Permian Resources's dividend payout ratio is 36.36%.

Insider Activity

In related news, EVP John Charles Bell sold 4,821 shares of the firm'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 transaction of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 5.88 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the firm'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 $67,170.46. Following the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on PR shares. Piper Sandler increased their price target on Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Monday. Benchmark cut their price target on Permian Resources from $17.00 to $14.00 and set a "buy" rating for the company in a research note on Wednesday, October 16th. UBS Group cut their price target on Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a research note on Wednesday, September 18th. Mizuho cut 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, Truist Financial increased their price target on Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $18.93.

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.