Permian Resources Co. (NASDAQ:PR) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D decreased its position in shares of Permian Resources Co. (NASDAQ:PR) by 9.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 201,218 shares of the company’s stock after selling 21,278 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Permian Resources were worth $3,250,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of PR. Vanguard Group Inc. lifted its stake in Permian Resources by 69.7% during the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after acquiring an additional 19,847,358 shares in the last quarter. OnyxPoint Global Management LP purchased a new stake in Permian Resources during the 4th quarter worth about $114,159,000. Price T Rowe Associates Inc. MD increased its holdings in Permian Resources by 480.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after purchasing an additional 5,012,287 shares during the period. Bank of New York Mellon Corp increased its holdings in Permian Resources by 59.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after purchasing an additional 4,497,184 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in Permian Resources during the 4th quarter worth about $45,847,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Trading Up 1.8 %

NASDAQ:PR opened at $13.88 on Wednesday. The stock’s 50 day moving average price is $14.66 and its 200 day moving average price is $15.87. The company has a market capitalization of $10.69 billion, a PE ratio of 12.62, a P/E/G ratio of 0.71 and a beta of 4.33. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 52-week low of $12.34 and a 52-week high of $18.28.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The firm’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.27 EPS. On average, research analysts anticipate that Permian Resources Co. will post 1.63 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were given a dividend of $0.06 per share. The ex-dividend date was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.73%. Permian Resources’s payout ratio is 21.82%.

Analyst Upgrades and Downgrades

PR has been the topic of several recent research reports. Mizuho cut their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday. Royal Bank of Canada restated an “outperform” rating and set a $20.00 price target on shares of Permian Resources in a report on Monday, August 12th. BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective on the stock in a report on Wednesday, July 3rd. Benchmark reiterated a “buy” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Wednesday, August 7th. Finally, Piper Sandler dropped their price objective on Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a report on Thursday, August 15th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.57.

Insiders Place Their Bets

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The disclosure for this sale can be found here. 12.80% of the stock is owned by 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.