Permian Resources Corporation $PR Stock: New Mexico Educational Retirement Board Raises Stake

New Mexico Educational Retirement Board lifted its stake in shares of Permian Resources Corporation (NYSE:PR) by 14.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 176,268 shares of the company’s stock after acquiring 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 reporting period.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Zacks Research raised Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Royal Bank Of Canada reissued an “outperform” rating and set a $27.00 price target on shares of Permian Resources in a research report on Thursday, September 24th. Morgan Stanley increased their price target on Permian Resources from $25.00 to $27.00 and gave the stock an “overweight” rating in a research report on Thursday, October 15th. Scotiabank started coverage on Permian Resources in a report on Wednesday, October 14th. They issued a “sector outperform” rating and a $29.00 price objective for the company. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $34.00 price objective on shares of Permian Resources in a research note on Monday, November 2nd. Five equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $26.61.

Insider Activity at Permian Resources

In related news, EVP Robert Shannon sold 5,104 shares of the 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 $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 $31,984,077.50. This trade represents a 0.38% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy Oliphint sold 5,103 shares of Permian Resources 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 $121,196.25. Following the completion of the sale, the executive vice president owned 537,400 shares of the company’s stock, valued at $12,763,250. This trade represents a 0.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 15,699 shares of company stock valued at $372,851 in the last three months. 5.00% of the stock is owned by insiders.

Permian Resources Stock Up 2.7%

Shares of PR stock opened at $22.32 on Thursday. The stock’s fifty day moving average price is $23.28 and its 200 day moving average price is $20.64. Permian Resources Corporation has a 1-year low of $13.18 and a 1-year high of $26.07. The company has a market cap of $18.69 billion, a price-to-earnings ratio of 11.62 and a beta of 0.62. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.50 and a quick ratio of 0.50.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 4th. The company reported $0.69 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.08. The company had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Permian Resources had a return on equity of 15.56% and a net margin of 25.04%. The firm’s revenue was up 48.1% compared to the same quarter last year. During the same period last year, the business posted $0.08 earnings per share. On average, research analysts expect that Permian Resources Corporation will post 2.62 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 17th will be issued a dividend of $0.16 per share. The ex-dividend date is Thursday, December 17th. This represents a $0.64 annualized dividend and a dividend yield of 2.9%. Permian Resources’s dividend payout ratio is 33.33%.

Permian Resources 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.