1,703,636 Shares in Permian Resources Co. (NASDAQ:PR) Acquired by Royal Bank of Canada

Royal Bank of Canada purchased a new stake in shares of Permian Resources Co. (NASDAQ:PR – Get Rating) in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 1,703,636 shares of the company’s stock, valued at approximately $11,585,000. Royal Bank of Canada owned about 0.60% of Permian Resources at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Riverstone Holdings LLC purchased a new stake in shares of Permian Resources during the third quarter valued at $468,238,000. Dimensional Fund Advisors LP bought a new stake in shares of Permian Resources in the third quarter worth approximately $89,649,000. River Road Asset Management LLC bought a new position in Permian Resources during the third quarter valued at approximately $55,897,000. Nuveen Asset Management LLC purchased a new stake in Permian Resources in the third quarter worth approximately $22,956,000. Finally, Renaissance Technologies LLC bought a new stake in Permian Resources in the 3rd quarter worth approximately $19,532,000. 88.44% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Permian Resources news, COO Matthew R. Garrison sold 40,000 shares of the company’s stock in a transaction on Friday, March 3rd. The stock was sold at an average price of $12.00, for a total transaction of $480,000.00. Following the transaction, the chief operating officer now directly owns 1,062,985 shares in the company, valued at $12,755,820. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 29.20% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have commented on PR shares. TD Cowen raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 target price for the company in a report on Wednesday, March 1st. Truist Financial lifted their target price on Permian Resources from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, February 1st. Mizuho assumed coverage on shares of Permian Resources in a research note on Monday, January 9th. They set a “neutral” rating and a $13.00 target price for the company. Cowen raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $15.00 price objective for the company in a research note on Wednesday, March 1st. Finally, Piper Sandler boosted their price objective on Permian Resources from $14.00 to $16.00 and gave the company an “overweight” rating in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and an average target price of $14.00.

Permian Resources Stock Performance

NASDAQ PR opened at $11.16 on Thursday. Permian Resources Co. has a fifty-two week low of $5.08 and a fifty-two week high of $12.05. The firm has a market capitalization of $6.24 billion, a price-to-earnings ratio of 6.42 and a beta of 4.54. The stock’s fifty day moving average is $10.22. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.77 and a quick ratio of 0.77.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, March 15th. Stockholders of record on Tuesday, March 7th will be given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Monday, March 6th. Permian Resources’s payout ratio is presently 12.42%.

Permian Resources Company Profile

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Permian Resources Corp. operates as an oil and natural gas company. It focuses on the development of unconventional oil and liquids-rich natural gas reserves in the Permian Basin. The company was founded on October 6, 2014 and is headquartered in Denver, CO.