California Public Employees Retirement System Raises Stake in Permian Resources Corporation $PR

California Public Employees Retirement System lifted its position in shares of Permian Resources Corporation (NYSE:PR) by 24.1% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,605,782 shares of the company’s stock after buying an additional 311,763 shares during the quarter. California Public Employees Retirement System owned approximately 0.19% of Permian Resources worth $34,235,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PR. SHP Wealth Management bought a new stake in Permian Resources during the fourth quarter valued at about $27,000. SJS Investment Consulting Inc. lifted its position in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock valued at $30,000 after acquiring an additional 1,341 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Permian Resources in the fourth quarter worth about $39,000. State of Wyoming grew its position in shares of Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after purchasing an additional 1,640 shares in the last quarter. Finally, Cedar Mountain Advisors LLC purchased a new stake in shares of Permian Resources during the first quarter worth about $48,000. Institutional investors own 91.84% of the company’s stock.

Insider Buying and Selling at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares in the company, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.00% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on PR. Zacks Research cut Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Raymond James Financial cut their price objective on shares of Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a report on Wednesday, June 17th. Scotiabank lifted their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the company a “sector outperform” rating in a research report on Wednesday, April 22nd. Weiss Ratings cut shares of Permian Resources from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, July 15th. Finally, Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a report on Monday, May 25th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $23.29.

Permian Resources Price Performance

NYSE:PR opened at $20.96 on Wednesday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $17.55 billion, a P/E ratio of 24.37 and a beta of 0.46. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The business’s 50-day moving average is $19.46 and its 200 day moving average is $18.65.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The firm’s revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company earned $0.44 earnings per share. On average, equities research analysts forecast that Permian Resources Corporation will post 1.93 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, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s dividend payout ratio is currently 74.42%.

Permian Resources Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.