State of Alaska Department of Revenue Has $976,000 Stake in Permian Resources Corporation $PR

State of Alaska Department of Revenue lowered its holdings in Permian Resources Corporation (NYSE:PR) by 4.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 71,695 shares of the company’s stock after selling 3,270 shares during the period. State of Alaska Department of Revenue’s holdings in Permian Resources were worth $976,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. UMB Bank n.a. grew its position in Permian Resources by 12.6% during the second quarter. UMB Bank n.a. now owns 6,953 shares of the company’s stock worth $95,000 after buying an additional 778 shares in the last quarter. Hexagon Capital Partners LLC lifted its position in shares of Permian Resources by 30.8% during the 1st quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company’s stock valued at $54,000 after acquiring an additional 921 shares during the period. HighPoint Advisor Group LLC lifted its position in shares of Permian Resources by 5.1% during the 1st quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company’s stock valued at $283,000 after acquiring an additional 986 shares during the period. Vident Advisory LLC grew its holdings in shares of Permian Resources by 9.9% during the 1st quarter. Vident Advisory LLC now owns 11,321 shares of the company’s stock worth $157,000 after purchasing an additional 1,019 shares in the last quarter. Finally, Creative Financial Designs Inc. ADV increased its position in shares of Permian Resources by 1.8% in the first quarter. Creative Financial Designs Inc. ADV now owns 64,181 shares of the company’s stock worth $889,000 after purchasing an additional 1,106 shares during the period. 91.84% of the stock is owned by institutional investors.

Permian Resources Trading Up 1.4%

PR opened at $12.56 on Monday. The company’s 50 day moving average price is $13.63 and its two-hundred day moving average price is $13.29. The firm has a market capitalization of $10.05 billion, a price-to-earnings ratio of 8.15 and a beta of 1.32. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting analysts’ consensus estimates of $0.27. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. Permian Resources’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.39 earnings per share. As a group, research analysts predict that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date was Tuesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is 38.96%.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the sale, the executive vice president directly owned 91,805 shares in the company, valued at approximately $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PR. Wall Street Zen downgraded shares of Permian Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Scotiabank assumed coverage on shares of Permian Resources in a report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price target for the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Permian Resources in a research note on Saturday, September 27th. Morgan Stanley boosted their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a research report on Monday, August 18th. Finally, Raymond James Financial reduced their target price on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $18.63.

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.