Ontario Teachers Pension Plan Board Sells 75,633 Shares of Permian Resources Corporation (NYSE:PR)

Key Points

• The Ontario Teachers Pension Plan Board reduced its stake in Permian Resources Corporation by 46.7%, selling 75,633 shares and holding 86,268 shares worth approximately $1.2 million.
• Permian Resources announced a quarterly dividend of $0.15 per share, with an annualized yield of 4.5%, to be paid to shareholders on September 30.
• Analysts have a consensus rating of "Moderate Buy" for Permian Resources, with an average price target of $18.47, reflecting varying ratings from "buy" to "sell" among research firms.

Ontario Teachers Pension Plan Board reduced its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 46.7% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 86,268 shares of the company's stock after selling 75,633 shares during the period. Ontario Teachers Pension Plan Board's holdings in Permian Resources were worth $1,195,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its position in shares of Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after purchasing an additional 12,306,854 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC bought a new stake in Permian Resources in the fourth quarter worth about $431,676,000. Dimensional Fund Advisors LP boosted its stake in Permian Resources by 55.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after acquiring an additional 4,236,141 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Permian Resources by 9.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,364,652 shares of the company's stock valued at $120,284,000 after acquiring an additional 709,923 shares during the period. Finally, Invesco Ltd. increased its stake in shares of Permian Resources by 56.1% during the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock worth $113,900,000 after purchasing an additional 2,845,449 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Trading Down 2.1%

Shares of Permian Resources stock traded down $0.27 during trading on Monday, reaching $12.99. The company's stock had a trading volume of 9,588,755 shares, compared to its average volume of 10,144,749. The company has a market cap of $10.44 billion, a price-to-earnings ratio of 8.43 and a beta of 1.32. The firm's 50-day moving average is $13.89 and its two-hundred day moving average is $13.41. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting the consensus estimate of $0.27. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%. The company's quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.39 earnings per share. On average, sell-side analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.15 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.6%. Permian Resources's dividend payout ratio (DPR) is currently 38.96%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on PR shares. TD Cowen raised Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Raymond James Financial reiterated a "strong-buy" rating and set a $23.00 target price (up previously from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. UBS Group upped their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Wells Fargo & Company reduced their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Monday, June 16th. Finally, The Goldman Sachs Group raised their price target on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Two investment analysts have rated the stock with a sell rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.47.

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.