Canada Pension Plan Investment Board Boosts Holdings in Permian Resources Co. (NYSE:PR)

Canada Pension Plan Investment Board raised its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 54.7% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 714,500 shares of the company's stock after acquiring an additional 252,500 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.09% of Permian Resources worth $10,275,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Principal Securities Inc. boosted its stake 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 period. ORG Wealth Partners LLC bought a new stake in Permian Resources during the 4th quarter valued at about $31,000. Global Retirement Partners LLC lifted its holdings in Permian Resources by 98.4% during the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company's stock valued at $36,000 after buying an additional 1,232 shares in the last quarter. Rakuten Securities Inc. boosted its position in Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company's stock valued at $36,000 after buying an additional 2,305 shares during the period. Finally, RE Dickinson Investment Advisors LLC bought a new position in Permian Resources in the 4th quarter worth about $41,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Up 0.5 %

NYSE:PR traded up $0.06 during midday trading on Friday, reaching $12.26. 6,323,320 shares of the stock traded hands, compared to its average volume of 9,739,138. The stock has a market capitalization of $9.85 billion, a PE ratio of 7.43, a price-to-earnings-growth ratio of 4.05 and a beta of 3.81. Permian Resources Co. has a 12-month low of $10.01 and a 12-month high of $17.62. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The business has a 50-day moving average of $12.79 and a two-hundred day moving average of $14.03.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were issued 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 4.89%. Permian Resources's dividend payout ratio is presently 41.96%.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of research reports. Bank of America lowered their price target on Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, April 1st. Truist Financial upped their target price on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a report on Monday, January 13th. Williams Trading set a $19.00 price target on Permian Resources in a research note on Wednesday, March 5th. Susquehanna lowered their price objective on shares of Permian Resources from $20.00 to $19.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. Finally, Morgan Stanley cut their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research report on Thursday, March 27th. One equities research 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. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $18.67.

Insider Transactions at Permian Resources

In related news, Director William J. Quinn bought 500,000 shares of the company's stock in a transaction on Monday, March 3rd. The shares were bought at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the transaction, the director now owns 812,429 shares in the company, valued at approximately $10,618,447.03. This trade represents a 160.04 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Guy M. Oliphint sold 4,150 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $13.99, for a total transaction of $58,058.50. Following the completion of the transaction, the chief financial officer now directly owns 130,467 shares of the company's stock, valued at approximately $1,825,233.33. This represents a 3.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,685 shares of company stock valued at $135,687 in the last quarter. 12.80% of the stock is currently owned by corporate insiders.

About Permian Resources

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.