Bank of Nova Scotia Purchases New Holdings in Permian Resources Corporation $PR

Bank of Nova Scotia acquired a new stake in shares of Permian Resources Corporation (NYSE:PR) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 91,000 shares of the company’s stock, valued at approximately $1,940,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Bank of New York Mellon Corp raised its position in shares of Permian Resources by 115.5% in the 4th 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 in the last quarter. Boston Partners grew its position 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 worth $222,099,000 after buying an additional 7,503,654 shares in the last quarter. Millennium Management LLC grew its position in shares of Permian Resources by 210.6% during the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after buying an additional 6,678,814 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Permian Resources by 16.7% in 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 during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Permian Resources by 73.8% in the fourth quarter. Wellington Management Group LLP now owns 9,833,783 shares of the company’s stock worth $137,968,000 after buying an additional 4,176,224 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Weiss Ratings downgraded shares of Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, July 15th. Morgan Stanley dropped their target price on Permian Resources from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Monday, June 29th. Raymond James Financial reduced their price objective on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a research report on Wednesday, June 17th. Citigroup decreased their target price on shares of Permian Resources from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Finally, BMO Capital Markets raised Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Four analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $23.29.

Permian Resources Price Performance

Shares of PR opened at $20.75 on Thursday. The business’s 50-day moving average is $19.47 and its 200-day moving average is $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 Corporation has a fifty-two week low of $11.92 and a fifty-two week high of $22.67.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm’s revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 earnings per share. Equities research analysts expect 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. Investors of record on Tuesday, June 16th were issued a $0.16 dividend. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.1%. Permian Resources’s dividend payout ratio is currently 74.42%.

Insiders Place Their Bets

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

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.