Permian Resources Co. (NASDAQ:PR) Stake Raised by Retirement Systems of Alabama

Retirement Systems of Alabama grew its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 46.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 471,771 shares of the company’s stock after purchasing an additional 150,665 shares during the period. Retirement Systems of Alabama’s holdings in Permian Resources were worth $6,416,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the business. DekaBank Deutsche Girozentrale acquired a new position in shares of Permian Resources in the 4th quarter worth $33,000. GAMMA Investing LLC acquired a new stake in Permian Resources during the 4th quarter worth about $43,000. Clearstead Advisors LLC purchased a new stake in Permian Resources during the third quarter valued at about $45,000. Optimum Investment Advisors acquired a new position in shares of Permian Resources in the fourth quarter worth about $50,000. Finally, Fifth Third Bancorp increased its position in shares of Permian Resources by 1,290.7% in the fourth quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock worth $57,000 after acquiring an additional 3,872 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. JPMorgan Chase & Co. upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. Susquehanna raised their target price on Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. Piper Sandler lifted their price target on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Truist Financial increased their price objective on Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Finally, Wells Fargo & Company lifted their target price on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $19.31.

Insiders Place Their Bets

In related news, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 over the last 90 days. 12.80% of the stock is currently owned by company insiders.

Permian Resources Stock Up 1.3 %

Permian Resources stock opened at $16.93 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources Co. has a 1-year low of $8.94 and a 1-year high of $18.28. The firm’s fifty day simple moving average is $16.90 and its 200-day simple moving average is $14.78. The company has a market capitalization of $13.07 billion, a P/E ratio of 14.59 and a beta of 4.32.

Permian Resources (NASDAQ:PR) last posted its earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Sell-side analysts forecast that Permian Resources Co. will post 1.66 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were issued a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, March 12th. This represents a $0.20 annualized dividend and a yield of 1.18%. Permian Resources’s dividend payout ratio (DPR) is currently 17.24%.

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.