The Manufacturers Life Insurance Company Has $7.74 Million Stake in Permian Resources Co. (NYSE:PR)

The Manufacturers Life Insurance Company lowered its stake in Permian Resources Co. (NYSE:PR) by 6.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 479,319 shares of the company’s stock after selling 32,313 shares during the period. The Manufacturers Life Insurance Company owned 0.06% of Permian Resources worth $7,741,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. YHB Investment Advisors Inc. bought a new position in shares of Permian Resources in the 1st quarter valued at about $26,000. Parallel Advisors LLC boosted its stake in 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 during the last quarter. Innealta Capital LLC acquired a new stake in Permian Resources during the 2nd quarter worth $30,000. Rise Advisors LLC bought a new stake in shares of Permian Resources during the 1st quarter valued at $32,000. Finally, Transcendent Capital Group LLC acquired a new position in shares of Permian Resources in the 1st quarter valued at $36,000. Institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Truist Financial decreased their price objective on Permian Resources from $22.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, September 30th. JPMorgan Chase & Co. lowered their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a research note on Wednesday, July 3rd. Wells Fargo & Company lowered their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Benchmark reissued a “buy” rating and set a $17.00 price target on shares of Permian Resources in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and an average target price of $19.20.

Insider Buying and Selling at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of the 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 completion of the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $14.69 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a market cap of $11.31 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 0.78 and a beta of 4.32. The stock’s 50-day moving average is $14.11 and its 200-day moving average is $15.70. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28.

Permian Resources (NYSE: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 for the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.27 EPS. Equities analysts predict that Permian Resources Co. will post 1.53 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.63%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is currently 21.82%.

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.