Permian Resources Corporation $PR Shares Bought by Royal Bank of Canada

Royal Bank of Canada raised its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 65.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,484,088 shares of the company's stock after acquiring an additional 586,115 shares during the period. Royal Bank of Canada owned approximately 0.18% of Permian Resources worth $20,555,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of PR. Mercer Global Advisors Inc. ADV grew its stake in shares of Permian Resources by 22.5% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 19,116 shares of the company's stock worth $275,000 after acquiring an additional 3,507 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Permian Resources by 28.8% in the fourth quarter. Cetera Investment Advisers now owns 57,596 shares of the company's stock worth $828,000 after acquiring an additional 12,868 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Permian Resources by 96.2% in the fourth quarter. Deutsche Bank AG now owns 2,140,160 shares of the company's stock worth $30,776,000 after acquiring an additional 1,049,358 shares during the last quarter. Ensign Peak Advisors Inc grew its stake in shares of Permian Resources by 31.1% in the fourth quarter. Ensign Peak Advisors Inc now owns 399,846 shares of the company's stock worth $5,750,000 after acquiring an additional 94,757 shares during the last quarter. Finally, Ethic Inc. grew its stake in shares of Permian Resources by 85.4% in the fourth quarter. Ethic Inc. now owns 25,063 shares of the company's stock worth $360,000 after acquiring an additional 11,542 shares during the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Down 1.8%

PR stock traded down $0.25 on Friday, hitting $13.70. 6,721,651 shares of the company's stock were exchanged, compared to its average volume of 8,764,145. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $16.33. The firm has a 50 day moving average price of $13.78 and a two-hundred day moving average price of $13.29. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a market cap of $10.97 billion, a P/E ratio of 8.90 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, meeting the consensus estimate of $0.27. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The business had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the previous year, the business earned $0.39 EPS. The company's quarterly revenue was down 3.9% compared to the same quarter last year. As a group, equities research analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.4%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio is presently 38.96%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of the firm's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Charles Bell sold 4,743 shares of the firm's stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 6.44% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PR. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $17.00 price objective on shares of Permian Resources in a research report on Tuesday, September 2nd. Bank of America increased their target price on Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a report on Friday, May 23rd. Piper Sandler raised their price objective on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research note on Thursday, July 17th. UBS Group raised their price objective on Permian Resources from $16.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, August 20th. Finally, TD Cowen raised Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Permian Resources presently has an average rating of "Buy" and a consensus target price of $18.47.

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.