Oregon Public Employees Retirement Fund Lowers Holdings in Permian Resources Co. (NASDAQ:PR)

Oregon Public Employees Retirement Fund reduced its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 6.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 106,638 shares of the company’s stock after selling 6,983 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Permian Resources were worth $1,722,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Global Retirement Partners LLC acquired a new position in shares of Permian Resources during the first quarter worth about $25,000. YHB Investment Advisors Inc. acquired a new position in Permian Resources during the 1st quarter worth approximately $26,000. Parallel Advisors LLC increased its position in shares of Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares during the last quarter. Innealta Capital LLC acquired a new stake in shares of Permian Resources in the 2nd quarter valued at $30,000. Finally, Rise Advisors LLC purchased a new stake in shares of Permian Resources during the 1st quarter worth $32,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Trading Down 1.7 %

Shares of PR stock opened at $13.25 on Friday. The company has a market capitalization of $10.20 billion, a P/E ratio of 12.05, a price-to-earnings-growth ratio of 0.77 and a beta of 4.33. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. The business’s 50 day moving average is $15.08 and its two-hundred day moving average is $15.96. Permian Resources Co. has a twelve month low of $12.34 and a twelve month high of $18.28.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter last year, the business earned $0.27 EPS. The business’s revenue was up 99.9% on a year-over-year basis. Equities analysts forecast that Permian Resources Co. will post 1.63 EPS for the current year.

Permian Resources Announces Dividend

The firm also recently announced 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. This represents a $0.24 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s payout ratio is 21.82%.

Insider Transactions at Permian Resources

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on PR. BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research note on Wednesday, July 3rd. UBS Group decreased their target price on Permian Resources from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Truist Financial raised their price objective on shares of Permian Resources from $21.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, July 30th. Piper Sandler lowered their target price on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating for the company in a report on Thursday, August 15th. Finally, Bank of America reiterated a “buy” rating and set a $20.00 price target on shares of Permian Resources in a research note on Friday, June 14th. Two equities research 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, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.93.

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.