Bank of Nova Scotia Takes Position in Permian Resources Corporation $PR

Bank of Nova Scotia acquired a new position in shares of Permian Resources Corporation (NYSE:PR) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 91,000 shares of the company’s stock, valued at approximately $1,940,000.

Several other hedge funds have also modified their holdings of the stock. SHP Wealth Management acquired a new position in shares of Permian Resources in the 4th quarter valued at $27,000. SJS Investment Consulting Inc. increased its holdings in shares of Permian Resources by 1,862.5% during the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after buying an additional 1,341 shares during the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Permian Resources in the 4th quarter worth $39,000. State of Wyoming raised its position in shares of Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after buying an additional 1,640 shares during the period. Finally, Cedar Mountain Advisors LLC acquired a new position in Permian Resources in the first quarter valued at $48,000. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Price Performance

Shares of NYSE PR opened at $20.75 on Thursday. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $22.67. The business has a 50-day moving average of $19.47 and a 200-day moving average of $18.95. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The company has a market capitalization of $17.38 billion, a price-to-earnings ratio of 24.13 and a beta of 0.46.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company’s revenue was up .9% on a year-over-year basis. During the same period last year, the business posted $0.44 EPS. On average, equities analysts anticipate that Permian Resources Corporation will post 1.94 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a dividend of $0.16 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.1%. Permian Resources’s dividend payout ratio (DPR) is currently 74.42%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on PR shares. Weiss Ratings downgraded Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 15th. Raymond James Financial cut their price objective on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating on the stock in a report on Wednesday, June 17th. Citigroup decreased their target price on Permian Resources from $26.00 to $24.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. Scotiabank increased their target price on shares of Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Finally, Evercore started coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price target on the stock. Four research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $23.29.

Insider Activity at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the transaction, the executive vice president directly owned 542,503 shares of the company’s stock, valued at approximately $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 this hyperlink. Insiders own 5.00% of the company’s stock.

About Permian Resources

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.