Bank of Montreal Can Sells 853,865 Shares of Permian Resources Co. (NYSE:PR)

Bank of Montreal Can lowered its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 92.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 74,522 shares of the company's stock after selling 853,865 shares during the quarter. Bank of Montreal Can's holdings in Permian Resources were worth $1,072,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Permian Resources by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 140,548 shares of the company's stock valued at $2,021,000 after purchasing an additional 662 shares during the last quarter. Louisiana State Employees Retirement System increased its position in shares of Permian Resources by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company's stock valued at $2,540,000 after acquiring an additional 700 shares in the last quarter. CIBC Asset Management Inc lifted its holdings in shares of Permian Resources by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company's stock valued at $226,000 after purchasing an additional 805 shares in the last quarter. Principal Securities Inc. raised its holdings in shares of Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after purchasing an additional 852 shares during the last quarter. Finally, Oregon Public Employees Retirement Fund lifted its holdings in Permian Resources by 0.7% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 129,520 shares of the company's stock valued at $1,862,000 after acquiring an additional 900 shares during the period. Institutional investors own 91.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on PR shares. Royal Bank of Canada dropped their price objective on Permian Resources from $18.00 to $16.00 and set an "outperform" rating for the company in a research note on Monday, April 14th. JPMorgan Chase & Co. decreased their target price on Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Truist Financial lifted their price objective on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a report on Monday, January 13th. Morgan Stanley lowered their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research note on Thursday, March 27th. Finally, Williams Trading set a $19.00 price objective on shares of Permian Resources in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $18.67.

Insider Transactions at Permian Resources

In other news, Director William J. Quinn bought 500,000 shares of Permian Resources stock in a transaction dated Monday, March 3rd. The stock was bought at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares in the company, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,685 shares of company stock worth $135,687 in the last 90 days. Corporate insiders own 12.80% of the company's stock.

Permian Resources Price Performance

PR stock traded up $0.23 during trading on Thursday, hitting $12.13. 2,468,881 shares of the stock traded hands, compared to its average volume of 9,696,277. The company has a 50 day simple moving average of $12.87 and a 200 day simple moving average of $14.07. The stock has a market cap of $9.75 billion, a price-to-earnings ratio of 7.35, a P/E/G ratio of 4.05 and a beta of 3.81. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a one year low of $10.01 and a one year high of $17.62.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.94%. Permian Resources's dividend payout ratio is currently 41.96%.

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.