VIRGINIA RETIREMENT SYSTEMS ET Al Acquires 45,300 Shares of Permian Resources Corporation $PR

VIRGINIA RETIREMENT SYSTEMS ET Al increased its stake in shares of Permian Resources Corporation (NYSE:PR) by 46.8% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 142,098 shares of the company’s stock after buying an additional 45,300 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Permian Resources were worth $3,001,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP boosted its holdings in Permian Resources by 3.9% in the second quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock worth $371,074,000 after purchasing an additional 763,059 shares in the last quarter. Jennison Associates LLC lifted its stake in Permian Resources by 63.1% during the first quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock worth $132,824,000 after purchasing an additional 2,411,292 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Permian Resources in the 1st quarter valued at $121,041,000. First Trust Advisors LP raised its stake in shares of Permian Resources by 66.6% in the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock valued at $118,636,000 after acquiring an additional 2,224,560 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in Permian Resources by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock valued at $100,911,000 after purchasing an additional 85,509 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on PR shares. Morgan Stanley increased their price target on shares of Permian Resources from $25.00 to $27.00 and gave the company an “overweight” rating in a research note on Thursday, October 15th. Raymond James Financial reiterated a “strong-buy” rating and issued a $34.00 price target on shares of Permian Resources in a research report on Monday. Royal Bank Of Canada reiterated an “outperform” rating and set a $27.00 target price on shares of Permian Resources in a report on Thursday, September 24th. Weiss Ratings upgraded shares of Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a report on Thursday, October 8th. Finally, Seaport Research Partners initiated coverage on Permian Resources in a report on Thursday, September 3rd. They set a “buy” rating and a $29.00 price objective for the company. Five analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $26.67.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy Oliphint sold 5,103 shares of the business’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,196.25. Following the completion of the transaction, the executive vice president owned 537,400 shares of the company’s stock, valued at approximately $12,763,250. The trade was a 0.94% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $130,435.00. Following the transaction, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at approximately $37,089,900. The trade was a 0.35% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is currently owned by corporate insiders.

Permian Resources Price Performance

Shares of PR opened at $24.54 on Tuesday. The company’s 50-day moving average is $23.43 and its 200-day moving average is $20.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The firm has a market capitalization of $20.55 billion, a PE ratio of 16.25 and a beta of 0.66. Permian Resources Corporation has a fifty-two week low of $12.06 and a fifty-two week high of $26.07.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The firm had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the firm posted $0.28 EPS. The company’s revenue for the quarter was up 55.1% on a year-over-year basis. Equities analysts forecast that Permian Resources Corporation will post 2.43 EPS for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Wednesday, September 16th. Permian Resources’s dividend payout ratio is 42.38%.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.