Louisiana State Employees Retirement System Acquires 30,600 Shares of Permian Resources Co. (NYSE:PR)

Louisiana State Employees Retirement System lifted its holdings in shares of Permian Resources Co. (NYSE:PR) by 21.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 175,900 shares of the company’s stock after acquiring an additional 30,600 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Permian Resources were worth $2,394,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PR. American International Group Inc. boosted its stake in Permian Resources by 10.4% in the 1st quarter. American International Group Inc. now owns 830,432 shares of the company’s stock valued at $14,665,000 after purchasing an additional 78,146 shares during the period. Retirement Systems of Alabama boosted its stake in Permian Resources by 22.4% in the 1st quarter. Retirement Systems of Alabama now owns 577,336 shares of the company’s stock valued at $10,196,000 after purchasing an additional 105,565 shares during the period. Castleark Management LLC boosted its stake in Permian Resources by 370.0% in the 1st quarter. Castleark Management LLC now owns 96,160 shares of the company’s stock valued at $1,698,000 after purchasing an additional 75,700 shares during the period. California State Teachers Retirement System boosted its stake in Permian Resources by 11.2% in the 1st quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock valued at $7,693,000 after purchasing an additional 43,901 shares during the period. Finally, FORA Capital LLC bought a new stake in Permian Resources in the 1st quarter valued at $3,745,000. 91.84% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PR. UBS Group reduced their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target for the company in a research note on Wednesday, July 3rd. Royal Bank of Canada reiterated an “outperform” rating and set a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Benchmark cut their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Finally, Wolfe Research started coverage on Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating for the company. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $18.73.

Permian Resources Price Performance

Permian Resources stock opened at $13.61 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The stock has a market capitalization of $10.92 billion, a P/E ratio of 10.89, a price-to-earnings-growth ratio of 0.84 and a beta of 4.32. The stock has a fifty day moving average of $13.94 and a 200-day moving average of $15.27.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The company had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the previous year, the firm earned $0.27 EPS. Permian Resources’s revenue was up 99.9% on a year-over-year basis. On average, sell-side analysts expect that Permian Resources Co. will post 1.46 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were issued a $0.06 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.76%. Permian Resources’s payout ratio is presently 19.20%.

Permian Resources Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.