Permian Resources Co. (NYSE:PR) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D trimmed its position in Permian Resources Co. (NYSE:PR) by 12.3% in the third quarter, Holdings Channel reports. The firm owned 176,457 shares of the company’s stock after selling 24,761 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Permian Resources were worth $2,402,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PR. Janney Montgomery Scott LLC boosted its holdings in shares of Permian Resources by 38.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 22,253 shares of the company’s stock valued at $393,000 after buying an additional 6,126 shares during the period. Empowered Funds LLC grew its holdings in shares of Permian Resources by 54.5% during the first quarter. Empowered Funds LLC now owns 70,770 shares of the company’s stock valued at $1,250,000 after purchasing an additional 24,967 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Permian Resources by 444.4% in the 1st quarter. SG Americas Securities LLC now owns 66,923 shares of the company’s stock worth $1,182,000 after purchasing an additional 54,629 shares during the last quarter. Swiss National Bank boosted its position in Permian Resources by 17.8% during the 1st quarter. Swiss National Bank now owns 853,348 shares of the company’s stock valued at $15,070,000 after purchasing an additional 129,000 shares during the period. Finally, ProShare Advisors LLC grew its stake in Permian Resources by 21.0% during the 1st quarter. ProShare Advisors LLC now owns 104,443 shares of the company’s stock worth $1,844,000 after buying an additional 18,103 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PR has been the subject of several analyst reports. Benchmark reduced their price target on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Mizuho reduced their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. UBS Group dropped their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Wells Fargo & Company reduced their price objective on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Finally, The Goldman Sachs Group began coverage on Permian Resources in a research report on Monday, September 30th. They issued a “buy” rating and a $19.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.87.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $15.13 on Thursday. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market cap of $12.14 billion, a PE ratio of 9.17, a price-to-earnings-growth ratio of 0.91 and a beta of 4.34. The company’s 50-day moving average price is $13.97 and its two-hundred day moving average price is $15.03.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The business’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 EPS. As a group, sell-side analysts anticipate that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is 14.55%.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

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.