New York State Teachers Retirement System Reduces Position in Permian Resources Corporation $PR

New York State Teachers Retirement System trimmed its position in shares of Permian Resources Corporation (NYSE:PR) by 13.4% during the 1st quarter, HoldingsChannel.com reports. The firm owned 201,594 shares of the company’s stock after selling 31,094 shares during the quarter. New York State Teachers Retirement System’s holdings in Permian Resources were worth $4,298,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock worth $1,057,930,000 after purchasing an additional 3,941,318 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after buying an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after buying an additional 13,483,136 shares during the period. State Street Corp raised its holdings in shares of Permian Resources by 2.0% in the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock worth $330,454,000 after buying an additional 460,158 shares during the period. Finally, Boston Partners lifted its stake in shares of Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after acquiring an additional 7,503,654 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the sale, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 5.00% of the company’s stock.

Permian Resources Stock Up 1.3%

Shares of NYSE PR opened at $19.33 on Thursday. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67. The firm has a market capitalization of $16.18 billion, a price-to-earnings ratio of 22.48 and a beta of 0.46. The stock has a 50 day moving average price of $19.65 and a 200 day moving average price of $18.29. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.Permian Resources’s quarterly revenue was up .9% on a year-over-year basis. During the same period last year, the business posted $0.44 EPS. Sell-side analysts expect that Permian Resources Corporation will post 1.96 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a dividend of $0.16 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. Permian Resources’s dividend payout ratio (DPR) is currently 74.42%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on PR shares. Piper Sandler boosted their price objective on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Thursday, March 12th. Raymond James Financial decreased their target price on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a research report on Wednesday, June 17th. BMO Capital Markets raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Scotiabank upped their price target on shares of Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Finally, Mizuho raised their price target on shares of Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $23.53.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.