Canada Pension Plan Investment Board Makes New $2.71 Million Investment in Permian Resources Co. (NASDAQ:PR)

Canada Pension Plan Investment Board bought a new stake in Permian Resources Co. (NASDAQ:PR) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 168,000 shares of the company’s stock, valued at approximately $2,713,000.

A number of other hedge funds also recently modified their holdings of the business. YHB Investment Advisors Inc. purchased a new position in Permian Resources during the first quarter valued at approximately $26,000. Parallel Advisors LLC boosted its stake in shares of Permian Resources by 117.0% during the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after buying an additional 1,178 shares during the period. Innealta Capital LLC purchased a new position in shares of Permian Resources during the 2nd quarter valued at $30,000. Rise Advisors LLC acquired a new position in shares of Permian Resources in the first quarter worth $32,000. Finally, Transcendent Capital Group LLC purchased a new stake in shares of Permian Resources during the first quarter worth $36,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Down 5.0 %

Shares of PR stock opened at $13.06 on Friday. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. The firm has a market cap of $10.06 billion, a PE ratio of 11.87, a price-to-earnings-growth ratio of 0.81 and a beta of 4.33. The stock has a 50 day moving average of $14.30 and a 200-day moving average of $15.78.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.27 EPS. On average, equities analysts predict that Permian Resources Co. will post 1.53 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 1.84%. The ex-dividend date was Monday, August 19th. Permian Resources’s payout ratio is presently 21.82%.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of recent research reports. Piper Sandler lowered their target price on Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Citigroup dropped their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. UBS Group reduced their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Mizuho dropped their price target 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, Bank of America reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Permian Resources in a research note on Friday, June 14th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $19.50.

Insider Buying and Selling

In related news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction 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 directly owns 77,237 shares in the company, valued at $1,075,911.41. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is owned by company 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.