Healthcare of Ontario Pension Plan Trust Fund Raises Stake in Permian Resources Co. (NYSE:PR)

Healthcare of Ontario Pension Plan Trust Fund increased its stake in Permian Resources Co. (NYSE:PR) by 147.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 525,700 shares of the company’s stock after buying an additional 313,400 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned 0.07% of Permian Resources worth $7,155,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

PR has been the subject of several research reports. Benchmark dropped their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a report on Monday, October 14th. Citigroup decreased their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Piper Sandler lifted their target price on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Finally, 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 research report on Wednesday, September 18th. Two research 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 stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Price Performance

Shares of PR opened at $15.66 on Friday. Permian Resources Co. has a fifty-two week low of $12.34 and a fifty-two week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market capitalization of $12.58 billion, a P/E ratio of 9.49, a P/E/G ratio of 0.94 and a beta of 4.34. The business’s 50-day moving average is $14.42 and its two-hundred day moving average is $14.93.

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

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a yield of 3.83%. Permian Resources’s dividend payout ratio is 36.36%.

Insider Buying and Selling at Permian Resources

In other Permian Resources 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 value of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This trade represents a 5.88 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred 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 $855,288.07. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

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.