Bank of New York Mellon Corp Acquires 58,163 Shares of Permian Resources Co. (NASDAQ:PR)

Bank of New York Mellon Corp increased its holdings in Permian Resources Co. (NASDAQ:PR) by 2.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,072,854 shares of the company’s stock after acquiring an additional 58,163 shares during the quarter. Bank of New York Mellon Corp owned about 0.37% of Permian Resources worth $21,765,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. The Manufacturers Life Insurance Company boosted its stake in Permian Resources by 1.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 84,718 shares of the company’s stock worth $796,000 after purchasing an additional 972 shares in the last quarter. Diversified Trust Co lifted its stake in shares of Permian Resources by 3.2% in the first quarter. Diversified Trust Co now owns 41,030 shares of the company’s stock worth $431,000 after buying an additional 1,264 shares in the last quarter. Xponance Inc. lifted its stake in shares of Permian Resources by 12.2% in the first quarter. Xponance Inc. now owns 13,359 shares of the company’s stock worth $140,000 after buying an additional 1,453 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Permian Resources by 3.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 41,976 shares of the company’s stock valued at $441,000 after buying an additional 1,470 shares during the last quarter. Finally, SummerHaven Investment Management LLC raised its holdings in Permian Resources by 1.2% in the 1st quarter. SummerHaven Investment Management LLC now owns 141,041 shares of the company’s stock worth $1,481,000 after acquiring an additional 1,658 shares during the last quarter. Institutional investors own 69.79% of the company’s stock.

Insider Activity at Permian Resources

In related news, COO Matthew R. Garrison sold 330,059 shares of Permian Resources stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $11.23, for a total transaction of $3,706,562.57. Following the completion of the transaction, the chief operating officer now directly owns 1,488,451 shares of the company’s stock, valued at approximately $16,715,304.73. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Permian Resources news, COO Matthew R. Garrison sold 330,059 shares of the business’s stock in a transaction dated Wednesday, July 26th. The shares were sold at an average price of $11.23, for a total value of $3,706,562.57. Following the completion of the sale, the chief operating officer now directly owns 1,488,451 shares of the company’s stock, valued at approximately $16,715,304.73. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Brent P. Jensen sold 400,317 shares of the company’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $11.23, for a total transaction of $4,495,559.91. Following the completion of the transaction, the chief accounting officer now owns 1,445,931 shares in the company, valued at $16,237,805.13. The disclosure for this sale can be found here. 23.14% of the stock is owned by insiders.

Analysts Set New Price Targets

PR has been the subject of a number of research analyst reports. TheStreet raised Permian Resources from a “c” rating to a “b” rating in a report on Monday, May 8th. Citigroup lifted their price target on shares of Permian Resources from $12.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, July 14th. Susquehanna increased their price objective on shares of Permian Resources from $11.00 to $14.00 and gave the company a “neutral” rating in a research report on Tuesday, August 22nd. Truist Financial boosted their target price on shares of Permian Resources from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Tuesday, August 22nd. Finally, Stifel Nicolaus upped their price objective on Permian Resources from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Friday. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $14.92.

Permian Resources Price Performance

NASDAQ:PR opened at $13.41 on Monday. The business’s 50-day moving average is $11.51 and its 200 day moving average is $10.69. Permian Resources Co. has a 12 month low of $6.12 and a 12 month high of $13.85. The company has a market capitalization of $7.59 billion, a P/E ratio of 9.06 and a beta of 4.50. The company has a current ratio of 0.59, a quick ratio of 0.59 and a debt-to-equity ratio of 0.35.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Wednesday, August 2nd. The company reported $0.27 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.33 by ($0.06). Permian Resources had a return on equity of 10.67% and a net margin of 18.93%. The firm had revenue of $623.40 million for the quarter, compared to analysts’ expectations of $660.10 million. During the same period last year, the company earned $0.61 earnings per share. The firm’s revenue was up 31.9% on a year-over-year basis. On average, equities research analysts forecast that Permian Resources Co. will post 1.44 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 23rd. Stockholders of record on Tuesday, August 15th were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.49%. The ex-dividend date of this dividend was Monday, August 14th. Permian Resources’s dividend payout ratio is 13.51%.

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. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks in Reeves County, West Texas and Lea County, New Mexico.