Healthcare of Ontario Pension Plan Trust Fund Takes $10.24 Million Position in Permian Resources Corporation $PR

Key Points

• Healthcare of Ontario Pension Plan Trust Fund acquired 480,483 shares of Permian Resources worth approximately $10.24 million, while institutional investors collectively own 91.84% of the company.
• Analysts maintain a positive outlook, with the stock carrying a consensus “Buy” rating and an average price target of $23.29, above its reported price of $19.78.
• Permian Resources beat quarterly EPS expectations slightly, reporting $0.39 versus the $0.38 consensus estimate, and pays a quarterly dividend of $0.16, representing a 3.2% annualized yield.

Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 480,483 shares of the company's stock, valued at approximately $10,244,000. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.06% of Permian Resources as of its most recent SEC filing.

Several other large investors also recently modified their holdings of PR. Vanguard Group Inc. increased its holdings in Permian Resources by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company's stock valued at $1,057,930,000 after buying an additional 3,941,318 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company's stock worth $443,856,000 after buying an additional 4,533,732 shares in the last quarter. Bank of New York Mellon Corp raised its position in Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock valued at $352,906,000 after purchasing an additional 13,483,136 shares during the last quarter. State Street Corp raised its holdings in Permian Resources by 2.0% in the 4th quarter. State Street Corp now owns 23,553,393 shares of the company's stock valued at $330,454,000 after buying an additional 460,158 shares during the last quarter. Finally, Boston Partners raised its stake in shares of Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company's stock valued at $222,099,000 after acquiring an additional 7,503,654 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares of the company's stock, valued at $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 5.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on PR shares. Scotiabank lifted their price objective on Permian Resources from $21.00 to $25.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, April 22nd. Wells Fargo & Company set a $26.00 target price on Permian Resources in a research note on Monday, May 25th. Mizuho lifted their price target on shares of Permian Resources from $26.00 to $27.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. KeyCorp assumed coverage on Permian Resources in a report on Tuesday, April 7th. They set an "overweight" rating and a $25.00 price objective for the company. Finally, Roth Capital set a $23.00 target price on shares of Permian Resources and gave the stock a "buy" rating in a research note on Monday, June 22nd. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $23.29.

Permian Resources Price Performance

Permian Resources stock opened at $19.78 on Wednesday. The business's 50 day simple moving average is $19.47 and its 200 day simple moving average is $18.90. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The company has a market cap of $16.56 billion, a price-to-earnings ratio of 23.00 and a beta of 0.46. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business's revenue was up .9% on a year-over-year basis. During the same period in the previous year, the company posted $0.44 earnings per share. Sell-side analysts forecast that Permian Resources Corporation will post 1.94 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a $0.16 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. Permian Resources's dividend payout ratio (DPR) is presently 74.42%.

Permian Resources Company Profile

Permian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.

Want to see what other hedge funds are holding PR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Permian Resources Corporation (NYSE:PR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.