Maryland State Retirement & Pension System Invests $790,000 in Permian Resources Co. (NASDAQ:PR)

Maryland State Retirement & Pension System bought a new position in shares of Permian Resources Co. (NASDAQ:PR) during the 2nd quarter, Holdings Channel.com reports. The fund bought 48,921 shares of the company’s stock, valued at approximately $790,000.

Other hedge funds also recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in shares of Permian Resources by 47.4% during the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock worth $23,466,000 after purchasing an additional 554,694 shares during the period. Mount Lucas Management LP bought a new position in shares of Permian Resources during the fourth quarter worth approximately $746,000. DRW Securities LLC bought a new position in shares of Permian Resources during the fourth quarter worth approximately $1,904,000. Franklin Resources Inc. increased its holdings in shares of Permian Resources by 74.2% during the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after purchasing an additional 149,851 shares during the period. Finally, American International Group Inc. increased its holdings in shares of Permian Resources by 10.4% during the first quarter. American International Group Inc. now owns 830,432 shares of the company’s stock worth $14,665,000 after purchasing an additional 78,146 shares during the period. 91.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PR. UBS Group reduced their price target on shares of Permian Resources from $21.00 to $19.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Truist Financial increased their price target on shares of Permian Resources from $21.00 to $22.00 and gave the stock a “buy” rating in a research report on Tuesday, July 30th. Mizuho increased their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Royal Bank of Canada reiterated an “outperform” rating and set a $20.00 price target on shares of Permian Resources in a research report on Monday, August 12th. Finally, Bank of America reiterated a “buy” rating and set a $20.00 price target on shares of Permian Resources in a research report on Friday, June 14th. 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’s stock. According to MarketBeat, Permian Resources has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Permian Resources Price Performance

Shares of NASDAQ PR opened at $14.24 on Monday. Permian Resources Co. has a twelve month low of $12.34 and a twelve month high of $18.28. The firm has a fifty day simple moving average of $15.30 and a 200 day simple moving average of $16.01. The company has a market capitalization of $10.96 billion, a PE ratio of 12.95, a P/E/G ratio of 0.77 and a beta of 4.37. 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 (NASDAQ:PR) last announced its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the firm earned $0.27 earnings per share. Permian Resources’s quarterly revenue was up 99.9% on a year-over-year basis. On average, sell-side analysts forecast that Permian Resources Co. will post 1.63 EPS for the current 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 paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s dividend payout ratio is presently 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.