Permian Resources Corporation $PR Stake Increased by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board boosted its holdings in shares of Permian Resources Corporation (NYSE:PR) by 14.9% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 176,268 shares of the company’s stock after purchasing an additional 22,800 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Permian Resources were worth $3,723,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PR. Unison Advisors LLC boosted its stake in Permian Resources by 0.8% in the 3rd quarter. Unison Advisors LLC now owns 50,003 shares of the company’s stock worth $1,056,000 after purchasing an additional 414 shares during the period. Bessemer Group Inc. raised its position in shares of Permian Resources by 21.3% during the first quarter. Bessemer Group Inc. now owns 3,537 shares of the company’s stock valued at $76,000 after buying an additional 621 shares during the last quarter. Quadrant Capital Group LLC raised its position in shares of Permian Resources by 1.6% during the third quarter. Quadrant Capital Group LLC now owns 40,003 shares of the company’s stock valued at $845,000 after buying an additional 635 shares during the last quarter. Profund Advisors LLC raised its position in shares of Permian Resources by 5.0% during the third quarter. Profund Advisors LLC now owns 15,408 shares of the company’s stock valued at $325,000 after buying an additional 729 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Permian Resources by 2.5% in the third quarter. ProShare Advisors LLC now owns 31,829 shares of the company’s stock worth $672,000 after buying an additional 781 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on PR shares. Susquehanna raised their target price on shares of Permian Resources from $25.00 to $30.00 and gave the company a “positive” rating in a research note on Tuesday, October 20th. Citigroup lifted their price target on shares of Permian Resources from $24.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 12th. Scotiabank started coverage on shares of Permian Resources in a research note on Wednesday, October 14th. They issued a “sector outperform” rating and a $29.00 price target on the stock. Truist Financial increased their price objective on shares of Permian Resources from $24.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 12th. Finally, Wall Street Zen lowered Permian Resources from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 7th. Five equities research 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 stock. According to data from MarketBeat, Permian Resources presently has a consensus rating of “Buy” and an average target price of $26.61.

Insider Buying and Selling

In related news, EVP John Bell sold 5,492 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 $130,435.00. Following the completion of the transaction, the executive vice president owned 1,561,680 shares in the company, valued at $37,089,900. The trade was a 0.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,220.00. Following the transaction, the executive vice president owned 1,346,698 shares of the company’s stock, valued at approximately $31,984,077.50. The trade was a 0.38% 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 three months, insiders sold 15,699 shares of company stock valued at $372,851. Insiders own 5.00% of the company’s stock.

Permian Resources Trading Up 2.7%

Shares of NYSE PR opened at $22.32 on Thursday. Permian Resources Corporation has a 1-year low of $13.18 and a 1-year high of $26.07. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.50 and a quick ratio of 0.50. The business’s 50 day moving average is $23.28 and its two-hundred day moving average is $20.64. The stock has a market capitalization of $18.69 billion, a P/E ratio of 11.62 and a beta of 0.62.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08. Permian Resources had a net margin of 25.04% and a return on equity of 15.56%. The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the prior year, the company posted $0.08 EPS. The firm’s revenue for the quarter was up 48.1% on a year-over-year basis. As a group, research analysts expect that Permian Resources Corporation will post 2.62 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Thursday, December 17th. Permian Resources’s dividend payout ratio (DPR) is currently 33.33%.

About Permian Resources

Permian Resources Corporation is an independent oil and natural gas company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Its operations are concentrated in the Delaware Basin, part of the Permian Basin in West Texas and southeastern New Mexico. The company develops its acreage through drilling and related production activities, with a focus on operating and expanding its position in the Delaware Basin. Its production is sold into energy markets and used across a range of industrial and consumer applications.