Teachers Retirement System of The State of Kentucky Acquires 33,800 Shares of Permian Resources Co. (NYSE:PR)

Teachers Retirement System of The State of Kentucky lifted its stake in Permian Resources Co. (NYSE:PR) by 27.0% during the 2nd quarter, Holdings Channel reports. The firm owned 158,900 shares of the company’s stock after acquiring an additional 33,800 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Permian Resources were worth $2,566,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in PR. Vanguard Group Inc. boosted its holdings in Permian Resources by 69.7% during the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after buying an additional 19,847,358 shares during the last quarter. OnyxPoint Global Management LP bought a new position in Permian Resources during the 4th quarter worth approximately $114,159,000. Price T Rowe Associates Inc. MD grew its holdings in Permian Resources by 480.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock valued at $106,924,000 after purchasing an additional 5,012,287 shares during the period. Bank of New York Mellon Corp increased its stake in Permian Resources by 59.6% in the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock valued at $194,585,000 after purchasing an additional 4,497,184 shares in the last quarter. Finally, Merewether Investment Management LP raised its holdings in Permian Resources by 148.1% in the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock worth $95,292,000 after purchasing an additional 3,522,300 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction dated 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 transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Robert Regan Shannon sold 4,822 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 $67,170.46. 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP John Charles Bell sold 4,821 shares of the business’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 transaction, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wolfe Research assumed coverage on shares of Permian Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Citigroup dropped their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research report on Wednesday, July 3rd. The Goldman Sachs Group assumed coverage on shares of Permian Resources in a report on Monday. They set a “buy” rating and a $19.00 target price on the stock. Finally, Susquehanna lowered their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and a consensus price target of $19.20.

Permian Resources Trading Up 2.4 %

Permian Resources stock opened at $14.34 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The firm has a 50-day moving average of $14.14 and a 200-day moving average of $15.71. The company has a market cap of $11.04 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 0.78 and a beta of 4.32. Permian Resources Co. has a one year low of $12.34 and a one year high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion during 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 business’s revenue was up 99.9% compared to the same quarter last year. During the same period last year, the company earned $0.27 earnings per share. On average, equities analysts expect that Permian Resources Co. will post 1.53 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Investors of record on Monday, August 19th were issued 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 1.67%. Permian Resources’s payout ratio is 21.82%.

About Permian Resources

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.