Bank of Montreal Can Has $12.54 Million Position in Permian Resources Co. (NYSE:PR)

Bank of Montreal Can trimmed its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 18.3% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 928,387 shares of the company's stock after selling 207,979 shares during the quarter. Bank of Montreal Can owned 0.12% of Permian Resources worth $12,543,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in PR. Massachusetts Financial Services Co. MA raised its holdings in Permian Resources by 9.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company's stock worth $247,042,000 after buying an additional 1,543,854 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock valued at $194,585,000 after acquiring an additional 4,497,184 shares during the period. Renaissance Technologies LLC lifted its position in shares of Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company's stock valued at $147,107,000 after acquiring an additional 1,555,884 shares in the last quarter. Jennison Associates LLC boosted 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 worth $104,080,000 after purchasing an additional 966,940 shares during the period. Finally, Merewether Investment Management LP grew its position in Permian Resources by 148.1% during the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company's stock worth $95,292,000 after purchasing an additional 3,522,300 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Insider Transactions 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 transaction, the executive vice president now owns 77,237 shares of the company's stock, valued at $1,075,911.41. This represents a 5.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Stock Performance

PR traded down $0.38 during trading on Monday, hitting $15.28. The stock had a trading volume of 7,373,812 shares, compared to its average volume of 9,974,979. The firm has a market cap of $12.28 billion, a PE ratio of 9.27, a P/E/G ratio of 0.94 and a beta of 4.34. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The company has a 50 day simple moving average of $14.45 and a 200-day simple moving average of $14.89.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the company posted $0.36 earnings per share. The firm's revenue for the quarter was up 60.3% on a year-over-year basis. Analysts expect that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 3.93%. This is a boost from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources's dividend payout ratio is currently 36.36%.

Wall Street Analyst Weigh In

PR has been the topic of a number of research analyst reports. Piper Sandler lifted their price target on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a report on Monday, November 18th. Benchmark dropped their target price on Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, October 16th. UBS Group decreased their price target on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, September 18th. Mizuho dropped their price objective on shares of Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a research note on Monday, September 16th. Finally, The Goldman Sachs Group assumed coverage on shares of Permian Resources in a research note on Monday, September 30th. They set a "buy" rating and a $19.00 target price for the company. Two equities 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. According to MarketBeat.com, Permian Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.93.

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.