Permian Resources Corporation $PR Shares Bought by Retirement Systems of Alabama

Retirement Systems of Alabama boosted its position in shares of Permian Resources Corporation (NYSE:PR) by 6.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 863,894 shares of the company’s stock after acquiring an additional 49,860 shares during the period. Retirement Systems of Alabama’s holdings in Permian Resources were worth $18,245,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in Permian Resources by 3.9% during the second quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after purchasing an additional 763,059 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Permian Resources by 63.1% in 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 in the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Permian Resources in the first quarter worth $121,041,000. First Trust Advisors LP increased 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 worth $118,636,000 after purchasing an additional 2,224,560 shares in the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Permian Resources by 1.8% during 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 period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on PR shares. Morgan Stanley lifted their target price 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. Wall Street Zen downgraded shares of Permian Resources from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 7th. Raymond James Financial reiterated a “strong-buy” rating and issued a $34.00 price target on shares of Permian Resources in a research note on Monday, November 2nd. Mizuho raised Permian Resources to a “strong-buy” rating in a report on Friday, July 31st. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $27.00 price target on shares of Permian Resources in a report on Thursday, September 24th. Five analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $26.61.

Insider Buying and Selling

In related news, EVP Robert Shannon sold 5,104 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the transaction, the executive vice president directly owned 1,346,698 shares of the company’s stock, valued at approximately $31,984,077.50. This represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 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 firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $130,435.00. Following the transaction, the executive vice president owned 1,561,680 shares of the company’s stock, valued at $37,089,900. This represents 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. Over the last three months, insiders have sold 15,699 shares of company stock worth $372,851. Corporate insiders own 5.00% of the company’s stock.

Permian Resources Stock Up 2.7%

Shares of PR stock opened at $22.32 on Thursday. The stock has a market cap of $18.69 billion, a P/E ratio of 11.62 and a beta of 0.62. Permian Resources Corporation has a 52 week low of $13.18 and a 52 week high of $26.07. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.22. The company’s fifty day simple moving average is $23.28 and its two-hundred day simple moving average is $20.64.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 4th. The company reported $0.69 EPS for the quarter, beating the consensus estimate of $0.61 by $0.08. The business had revenue of $1.96 billion during the quarter, compared to the consensus estimate of $1.78 billion. Permian Resources had a net margin of 25.04% and a return on equity of 15.56%. The business’s revenue was up 48.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.08 EPS. Analysts predict that Permian Resources Corporation will post 2.62 EPS for the current fiscal year.

Permian Resources Announces Dividend

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

Permian Resources Company Profile

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.