Louisiana State Employees Retirement System Makes New $1.59 Million Investment in Permian Resources Co. (NASDAQ:PR)

Louisiana State Employees Retirement System purchased a new position in shares of Permian Resources Co. (NASDAQ:PR) in the fourth quarter, HoldingsChannel reports. The fund purchased 116,700 shares of the company’s stock, valued at approximately $1,587,000.

A number of other large investors have also recently bought and sold shares of PR. Envestnet Asset Management Inc. acquired a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $1,053,000. Macquarie Group Ltd. acquired a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $105,000. Bank of New York Mellon Corp acquired a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $8,153,000. Ensign Peak Advisors Inc acquired a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $233,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Permian Resources in the 3rd quarter valued at approximately $669,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

PR has been the subject of several recent analyst reports. Citigroup increased their price objective on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, March 1st. Mizuho increased their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Monday, April 15th. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Friday, April 12th. Truist Financial dropped their price target on Permian Resources from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, April 5th. Finally, Piper Sandler increased their price target on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.08.

Permian Resources Stock Down 0.6 %

PR stock opened at $17.08 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a market capitalization of $13.18 billion, a price-to-earnings ratio of 13.02 and a beta of 4.35. The business’s fifty day moving average price is $16.38 and its two-hundred day moving average price is $14.55. Permian Resources Co. has a fifty-two week low of $8.94 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. On average, equities analysts anticipate that Permian Resources Co. will post 1.71 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 1.17%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s dividend payout ratio (DPR) is currently 17.24%.

Insider Transactions at Permian Resources

In other news, Director Robert John Anderson sold 1,000,000 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the sale, the director now directly owns 476,306 shares of the company’s stock, valued at approximately $7,482,767.26. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CAO Brent P. Jensen sold 1,853 shares of the firm’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the sale, the chief accounting officer now directly owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert John Anderson sold 1,000,000 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $15,710,000.00. Following the completion of the sale, the director now directly owns 476,306 shares in the company, valued at $7,482,767.26. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. 23.14% of the stock is owned by corporate insiders.

Permian Resources Company 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.