Permian Resources Co. (NYSE:PR) Shares Bought by Bank of Montreal Can

Bank of Montreal Can raised its position in Permian Resources Co. (NYSE:PR) by 738.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,136,366 shares of the company’s stock after purchasing an additional 1,000,858 shares during the quarter. Bank of Montreal Can owned about 0.15% of Permian Resources worth $18,352,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. YHB Investment Advisors Inc. bought a new position in shares of Permian Resources in the first quarter valued at approximately $26,000. Parallel Advisors LLC boosted its holdings in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after acquiring an additional 1,178 shares in the last quarter. Innealta Capital LLC bought a new position in shares of Permian Resources in the second quarter valued at approximately $30,000. Rise Advisors LLC bought a new position in shares of Permian Resources in the first quarter valued at approximately $32,000. Finally, Transcendent Capital Group LLC bought a new position in shares of Permian Resources in the first quarter valued at approximately $36,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Activity

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

Permian Resources Stock Up 3.4 %

Shares of NYSE:PR opened at $13.51 on Friday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. The company has a market cap of $10.84 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 0.81 and a beta of 4.33. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The firm has a 50 day simple moving average of $14.24 and a 200 day simple moving average of $15.76.

Permian Resources (NYSE:PR) last released its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the prior year, the firm earned $0.27 EPS. The company’s revenue was up 99.9% compared to the same quarter last year. As a group, research analysts expect that Permian Resources Co. will post 1.53 earnings per share for the current year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.78%. Permian Resources’s dividend payout ratio is currently 21.82%.

Wall Street Analyst Weigh In

PR has been the subject of several recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 price objective on shares of Permian Resources in a report on Monday, August 12th. Wolfe Research assumed coverage on shares of Permian Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Citigroup reduced their target price on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Piper Sandler reduced their target price on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Finally, Mizuho reduced their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and an average target price of $19.50.

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.