New York State Teachers Retirement System Raises Position in Permian Resources Co. (NYSE:PR)

New York State Teachers Retirement System increased its stake in Permian Resources Co. (NYSE:PR) by 42.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 197,179 shares of the company’s stock after purchasing an additional 59,099 shares during the quarter. New York State Teachers Retirement System’s holdings in Permian Resources were worth $2,684,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Janney Montgomery Scott LLC raised its stake in Permian Resources by 38.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 22,253 shares of the company’s stock valued at $393,000 after acquiring an additional 6,126 shares during the period. Texas Permanent School Fund Corp increased its stake in shares of Permian Resources by 12.2% in the first quarter. Texas Permanent School Fund Corp now owns 402,837 shares of the company’s stock worth $7,114,000 after purchasing an additional 43,791 shares in the last quarter. Empowered Funds LLC raised its position in shares of Permian Resources by 54.5% in the first quarter. Empowered Funds LLC now owns 70,770 shares of the company’s stock valued at $1,250,000 after purchasing an additional 24,967 shares during the period. SG Americas Securities LLC lifted its stake in shares of Permian Resources by 444.4% during the 1st quarter. SG Americas Securities LLC now owns 66,923 shares of the company’s stock valued at $1,182,000 after buying an additional 54,629 shares in the last quarter. Finally, TimesSquare Capital Management LLC bought a new position in Permian Resources in the 1st quarter worth approximately $40,665,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of analyst reports. Wolfe Research assumed coverage on shares of Permian Resources in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Citigroup decreased their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. The Goldman Sachs Group began coverage on Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Susquehanna reduced their target price on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Finally, Piper Sandler lowered their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $18.73.

Permian Resources Trading Up 2.7 %

Shares of Permian Resources stock opened at $14.97 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. Permian Resources Co. has a 1 year low of $12.34 and a 1 year high of $18.28. The firm has a market cap of $12.01 billion, a PE ratio of 11.98, a PEG ratio of 0.83 and a beta of 4.34. The company has a 50 day simple moving average of $13.88 and a two-hundred day simple moving average of $15.11.

Permian Resources (NYSE:PR) last posted its quarterly earnings data 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 company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm’s revenue was up 99.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.27 EPS. Analysts expect that Permian Resources Co. will post 1.46 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be paid a dividend of $0.15 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 4.01%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is 19.20%.

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 stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction on 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 sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

Permian Resources Company 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.