Bank of New York Mellon Corp Purchases 11,133,354 Shares of Permian Resources Corporation $PR

Bank of New York Mellon Corp boosted its holdings in shares of Permian Resources Corporation (NYSE:PR) by 86.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,963,307 shares of the company’s stock after buying an additional 11,133,354 shares during the period. Bank of New York Mellon Corp owned approximately 2.98% of Permian Resources worth $326,380,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. UMB Bank n.a. boosted its position in shares of Permian Resources by 12.6% during the 2nd quarter. UMB Bank n.a. now owns 6,953 shares of the company’s stock valued at $95,000 after acquiring an additional 778 shares during the last quarter. Hexagon Capital Partners LLC lifted its position in Permian Resources by 30.8% during the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company’s stock valued at $54,000 after purchasing an additional 921 shares during the last quarter. HighPoint Advisor Group LLC grew its stake in Permian Resources by 5.1% in the 1st quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company’s stock worth $283,000 after buying an additional 986 shares in the last quarter. Vident Advisory LLC increased its holdings in shares of Permian Resources by 9.9% in the 1st quarter. Vident Advisory LLC now owns 11,321 shares of the company’s stock worth $157,000 after buying an additional 1,019 shares during the last quarter. Finally, SBI Securities Co. Ltd. raised its position in shares of Permian Resources by 18.1% during the 1st quarter. SBI Securities Co. Ltd. now owns 7,331 shares of the company’s stock valued at $102,000 after buying an additional 1,122 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Permian Resources Trading Down 1.6%

NYSE:PR opened at $12.41 on Wednesday. The firm has a market capitalization of $9.93 billion, a P/E ratio of 8.06 and a beta of 1.31. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. The company has a fifty day moving average of $13.13 and a 200 day moving average of $13.32. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.27. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The company’s revenue was down 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.39 EPS. On average, research analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on PR shares. Wells Fargo & Company cut their target price on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a research report on Friday, October 17th. Susquehanna upped their price objective on Permian Resources from $19.00 to $20.00 and gave the stock a “positive” rating in a report on Wednesday, July 23rd. Raymond James Financial decreased their price objective on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a report on Tuesday, September 2nd. Weiss Ratings lowered Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Finally, Piper Sandler lifted their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 21st. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.73.

Insider Activity

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was 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 trade represents a 4.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 91,805 shares in the company, valued at approximately $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 12.80% of the stock is owned by company insiders.

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.