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

California Public Employees Retirement System boosted its stake in shares of Permian Resources Corporation (NYSE:PR) by 24.1% during the 1st quarter, HoldingsChannel reports. The fund owned 1,605,782 shares of the company’s stock after purchasing an additional 311,763 shares during the period. California Public Employees Retirement System’s holdings in Permian Resources were worth $34,235,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. SJS Investment Consulting Inc. boosted its holdings in shares of Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after purchasing an additional 1,341 shares during the period. SHP Wealth Management bought a new position in shares of Permian Resources during the 4th quarter valued at approximately $27,000. Cedar Mountain Advisors LLC purchased a new stake in Permian Resources during the 1st quarter valued at $48,000. Los Angeles Capital Management LLC purchased a new stake in Permian Resources during the 4th quarter valued at $39,000. Finally, State of Wyoming lifted its position in Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after buying an additional 1,640 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

Shares of Permian Resources stock opened at $20.96 on Wednesday. The stock’s fifty day moving average is $19.46 and its two-hundred day moving average is $18.65. The company has a market capitalization of $17.55 billion, a PE ratio of 24.37 and a beta of 0.46. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business’s revenue for the quarter was up .9% compared to the same quarter last year. During the same period last year, the company earned $0.44 earnings per share. As a group, analysts expect that Permian Resources Corporation will post 1.93 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is currently 74.42%.

Analysts Set New Price Targets

Several research firms have commented on PR. Roth Capital set a $23.00 price objective on shares of Permian Resources and gave the stock a “buy” rating in a research note on Monday, June 22nd. Zacks Research lowered shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Truist Financial dropped their price target on shares of Permian Resources from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Monday, July 13th. UBS Group cut their price target on shares of Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Friday. Finally, BMO Capital Markets upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a report on Tuesday, April 7th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Permian Resources presently has an average rating of “Buy” and a consensus target price of $23.29.

Insider Buying and Selling

In related news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at $11,088,761.32. This trade represents a 10.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.00% of the stock is owned by corporate insiders.

About Permian Resources

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.