New York State Teachers Retirement System Lowers Holdings in Permian Resources Corporation $PR

New York State Teachers Retirement System decreased its holdings in Permian Resources Corporation (NYSE:PR) by 13.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 201,594 shares of the company’s stock after selling 31,094 shares during the period. New York State Teachers Retirement System’s holdings in Permian Resources were worth $4,298,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Strs Ohio purchased a new position in Permian Resources in the 1st quarter worth approximately $10,338,000. Keybank National Association OH purchased a new stake in Permian Resources during the 1st quarter valued at approximately $30,728,000. Root Financial Partners LLC raised its position in shares of Permian Resources by 195.4% during the first quarter. Root Financial Partners LLC now owns 4,505 shares of the company’s stock valued at $96,000 after buying an additional 2,980 shares during the last quarter. Impact Partnership Wealth LLC raised its position in shares of Permian Resources by 197.1% during the first quarter. Impact Partnership Wealth LLC now owns 46,092 shares of the company’s stock valued at $983,000 after buying an additional 30,577 shares during the last quarter. Finally, MQS Management LLC purchased a new position in shares of Permian Resources in the first quarter worth $491,000. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Performance

Shares of NYSE:PR opened at $19.33 on Thursday. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. The stock has a market capitalization of $16.18 billion, a P/E ratio of 22.48 and a beta of 0.46. The firm has a fifty day simple moving average of $19.65 and a two-hundred day simple moving average of $18.29. 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 (NYSE:PR) last posted its earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.44 EPS. On average, analysts expect that Permian Resources Corporation will post 1.96 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is presently 74.42%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PR. Raymond James Financial cut their target price on shares of Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating for the company in a research note on Wednesday, June 17th. Zacks Research cut shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 22nd. TD Cowen increased their price objective on shares of Permian Resources from $20.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, March 17th. Citigroup raised their price objective on Permian Resources from $21.00 to $26.00 and gave the company a “buy” rating in a research report on Tuesday, March 31st. Finally, BMO Capital Markets raised Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $23.53.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.00% of the stock is owned by insiders.

Permian Resources Company 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.