Mackenzie Financial Corp Decreases Stock Holdings in Permian Resources Co. (NASDAQ:PR)

Mackenzie Financial Corp reduced its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 73.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 20,164 shares of the company’s stock after selling 56,155 shares during the quarter. Mackenzie Financial Corp’s holdings in Permian Resources were worth $274,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of PR. DekaBank Deutsche Girozentrale acquired a new position in shares of Permian Resources during the fourth quarter worth $33,000. Clearstead Advisors LLC acquired a new position in shares of Permian Resources during the third quarter worth $45,000. Optimum Investment Advisors acquired a new position in shares of Permian Resources during the fourth quarter worth $50,000. Fifth Third Bancorp lifted its position in shares of Permian Resources by 1,290.7% during the fourth quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock worth $57,000 after purchasing an additional 3,872 shares in the last quarter. Finally, Tucker Asset Management LLC acquired a new stake in Permian Resources in the third quarter valued at $60,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Permian Resources

In related news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock worth $516,796,999 in the last 90 days. Corporate insiders own 23.14% of the company’s stock.

Permian Resources Stock Up 0.3 %

Permian Resources stock opened at $17.38 on Monday. The company has a 50-day simple moving average of $16.69 and a 200-day simple moving average of $14.70. The firm has a market capitalization of $13.41 billion, a P/E ratio of 14.98 and a beta of 4.35. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. Permian Resources Co. has a one year low of $8.94 and a one year high of $18.28.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. As a group, equities analysts expect that Permian Resources Co. will post 1.66 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were given a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.15%. Permian Resources’s dividend payout ratio is presently 17.24%.

Analysts Set New Price Targets

Several research firms recently issued reports on PR. Susquehanna upped their price target on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, April 22nd. Truist Financial upped their price target on shares of Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Mizuho upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Monday, April 15th. Benchmark reaffirmed a “buy” rating and issued a $17.00 price target on shares of Permian Resources in a report on Tuesday, April 23rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research note on Friday, April 12th. Three analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and a consensus target price of $19.31.

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.