New York State Common Retirement Fund Acquires Shares of 113,949 Permian Resources Co. (NASDAQ:PR)

New York State Common Retirement Fund acquired a new stake in Permian Resources Co. (NASDAQ:PR) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 113,949 shares of the company’s stock, valued at approximately $1,550,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale acquired a new stake in shares of Permian Resources in the fourth quarter worth about $33,000. Clearstead Advisors LLC acquired a new position in Permian Resources during the third quarter valued at approximately $45,000. Optimum Investment Advisors acquired a new position in Permian Resources during the fourth quarter valued at approximately $50,000. Fifth Third Bancorp grew its holdings in Permian Resources by 1,290.7% during the fourth quarter. Fifth Third Bancorp now owns 4,172 shares of the company’s stock valued at $57,000 after purchasing an additional 3,872 shares during the last quarter. Finally, Tucker Asset Management LLC acquired a new position in Permian Resources during the third quarter valued at approximately $60,000. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $17.03 on Friday. Permian Resources Co. has a twelve month low of $8.94 and a twelve month high of $18.28. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a market cap of $13.14 billion, a P/E ratio of 14.68 and a beta of 4.32. The firm’s 50-day simple moving average is $17.06 and its 200-day simple moving average is $14.84.

Permian Resources (NASDAQ:PR) last released its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. As a group, research analysts expect that Permian Resources Co. will post 1.66 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st will be paid a dividend of $0.06 per share. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 1.41%. The ex-dividend date is Monday, May 20th. Permian Resources’s dividend payout ratio is currently 17.24%.

Analyst Ratings Changes

Several brokerages have commented on PR. Truist Financial increased their price target on Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Citigroup increased their price target on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a report on Friday, March 1st. Wells Fargo & Company increased their price target on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, April 17th. Raymond James began coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price objective on the stock. Finally, Stifel Nicolaus raised their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Permian Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $19.38.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at $15,337,010.40. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of the business’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now 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 SEC, which is available through the SEC website. Also, CEO William M. Hickey III sold 4,000,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $62,840,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,916,943 shares of company stock valued at $516,796,999. 12.80% of the stock is currently owned by company 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.