Bank of Montreal Can Has $12.54 Million Holdings in Permian Resources Co. (NYSE:PR)

Bank of Montreal Can lessened its position in Permian Resources Co. (NYSE:PR) by 18.3% in the 3rd quarter, Holdings Channel reports. The fund owned 928,387 shares of the company’s stock after selling 207,979 shares during the period. Bank of Montreal Can’s holdings in Permian Resources were worth $12,543,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PR. Hexagon Capital Partners LLC increased its holdings in Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after buying an additional 1,998 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Permian Resources during the 2nd quarter worth $30,000. UMB Bank n.a. raised its holdings in shares of Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares in the last quarter. Gilliland Jeter Wealth Management LLC bought a new position in shares of Permian Resources during the 2nd quarter valued at $40,000. Finally, Blue Trust Inc. lifted its stake in shares of Permian Resources by 399.5% in the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after purchasing an additional 2,629 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on PR. Truist Financial increased their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, November 8th. UBS Group dropped their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Piper Sandler lifted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, Wells Fargo & Company decreased their price target on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $18.93.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $15.66 on Monday. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The firm’s 50-day moving average price is $14.45 and its two-hundred day moving average price is $14.91. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $12.58 billion, a price-to-earnings ratio of 9.49, a P/E/G ratio of 0.94 and a beta of 4.34.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.32 by $0.21. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business’s revenue was up 60.3% on a year-over-year basis. During the same period last year, the firm posted $0.36 EPS. On average, equities analysts predict that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.83%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources’s payout ratio is currently 36.36%.

Insider Buying and Selling

In other Permian Resources 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 transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 5.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The trade was a 7.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate 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.