Mackenzie Financial Corp Has $274,000 Holdings in Permian Resources Co. (NASDAQ:PR)

Mackenzie Financial Corp lessened its stake in Permian Resources Co. (NASDAQ:PR) by 73.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 20,164 shares of the company’s stock after selling 56,155 shares during the quarter. Mackenzie Financial Corp’s holdings in Permian Resources were worth $274,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the business. Arizona State Retirement System raised its position in shares of Permian Resources by 1.5% during the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock worth $999,000 after acquiring an additional 1,041 shares during the last quarter. Orion Portfolio Solutions LLC increased its holdings in Permian Resources by 2.1% in the third quarter. Orion Portfolio Solutions LLC now owns 62,816 shares of the company’s stock worth $877,000 after purchasing an additional 1,275 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Permian Resources by 6.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 34,491 shares of the company’s stock worth $481,000 after purchasing an additional 1,981 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Permian Resources by 6.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock worth $471,000 after purchasing an additional 2,063 shares in the last quarter. Finally, Advisor Partners II LLC increased its holdings in shares of Permian Resources by 2.2% during the third quarter. Advisor Partners II LLC now owns 102,155 shares of the company’s stock valued at $1,426,000 after acquiring an additional 2,219 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PR. Stifel Nicolaus boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Bank of America assumed coverage on Permian Resources in a research report on Friday, January 5th. They set a “neutral” rating and a $15.00 target price on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Friday, April 12th. Mizuho lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, April 15th. Finally, Piper Sandler lifted their target price on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.31.

Insider Transactions at Permian Resources

In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the transaction, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William M. Hickey III sold 4,000,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $62,840,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 32,916,943 shares of company stock worth $516,796,999. 23.14% of the stock is currently owned by corporate insiders.

Permian Resources Stock Performance

Shares of PR opened at $17.38 on Monday. The firm has a market cap of $13.41 billion, a PE ratio of 14.98 and a beta of 4.35. The stock’s fifty day moving average price is $16.69 and its two-hundred day moving average price is $14.70. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. Permian Resources Co. has a 1 year low of $8.94 and a 1 year high of $18.28.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. On average, equities research analysts forecast that Permian Resources Co. will post 1.66 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were issued a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.15%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s payout ratio is currently 17.24%.

Permian Resources 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.