State of Michigan Retirement System Grows Position in Permian Resources Co. (NASDAQ:PR)

State of Michigan Retirement System increased its position in Permian Resources Co. (NASDAQ:PR) by 24.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 112,700 shares of the company’s stock after buying an additional 22,300 shares during the quarter. State of Michigan Retirement System’s holdings in Permian Resources were worth $1,990,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PR. Parallel Advisors LLC lifted its holdings in Permian Resources by 117.0% in the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after buying an additional 1,178 shares during the period. Rise Advisors LLC bought a new stake in Permian Resources in the first quarter valued at $32,000. DekaBank Deutsche Girozentrale purchased a new position in Permian Resources during the 4th quarter valued at $33,000. GAMMA Investing LLC bought a new position in Permian Resources in the 4th quarter worth $43,000. Finally, Tradition Wealth Management LLC purchased a new stake in shares of Permian Resources in the 4th quarter worth about $48,000. 91.84% of the stock is currently owned by institutional investors.

Insider Activity

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the firm’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the sale, the director now directly owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

PR has been the subject of a number of research reports. Wells Fargo & Company increased their price target on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Susquehanna raised their target price on Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, April 22nd. JPMorgan Chase & Co. upped their price target on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Friday, April 12th. BMO Capital Markets upgraded Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a report on Wednesday. Finally, Benchmark restated a “buy” rating and set a $17.00 target price on shares of Permian Resources in a report on Tuesday, April 23rd. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $20.36.

Permian Resources Stock Performance

Shares of PR opened at $16.79 on Friday. Permian Resources Co. has a one year low of $10.31 and a one year high of $18.28. The business has a fifty day moving average of $16.14 and a 200 day moving average of $15.49. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. The firm has a market capitalization of $12.93 billion, a P/E ratio of 11.99, a PEG ratio of 0.65 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.06. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. As a group, sell-side analysts anticipate that Permian Resources Co. will post 1.78 EPS for the current year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st were paid a $0.06 dividend. The ex-dividend date of this dividend was Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.43%. Permian Resources’s dividend payout ratio is 21.82%.

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.