Retirement Systems of Alabama Increases Holdings in Permian Resources Co. (NYSE:PR)

Retirement Systems of Alabama boosted its position in Permian Resources Co. (NYSE:PRFree Report) by 21.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 770,883 shares of the company’s stock after purchasing an additional 136,971 shares during the period. Retirement Systems of Alabama owned about 0.10% of Permian Resources worth $10,492,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Franklin Resources Inc. increased its holdings in Permian Resources by 54.9% during the 3rd quarter. Franklin Resources Inc. now owns 1,360,809 shares of the company’s stock valued at $19,351,000 after acquiring an additional 482,405 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Permian Resources in the third quarter valued at approximately $57,000. Sanctuary Advisors LLC increased its stake in shares of Permian Resources by 35.7% during the 3rd quarter. Sanctuary Advisors LLC now owns 47,403 shares of the company’s stock worth $645,000 after purchasing an additional 12,471 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its position in shares of Permian Resources by 7.6% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 171,010 shares of the company’s stock worth $2,327,000 after purchasing an additional 12,110 shares during the last quarter. Finally, Sunbelt Securities Inc. lifted its stake in Permian Resources by 33.4% in the 3rd quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock valued at $43,000 after buying an additional 800 shares in the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PR. Susquehanna cut their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Mizuho reduced their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Wells Fargo & Company lowered their price target on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Piper Sandler upped their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research note on Monday, November 18th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Two 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, Permian Resources presently has an average rating of “Moderate Buy” and an average price target of $18.93.

View Our Latest Stock Report on Permian Resources

Permian Resources Price Performance

PR stock opened at $14.16 on Tuesday. The company has a market cap of $11.38 billion, a PE ratio of 8.58, a price-to-earnings-growth ratio of 0.88 and a beta of 4.35. 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 50-day moving average price of $14.66 and a two-hundred day moving average price of $14.81. Permian Resources Co. has a 12-month low of $12.59 and a 12-month high of $18.28.

Permian Resources (NYSE:PRGet Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the business earned $0.36 EPS. The company’s revenue for the quarter was up 60.3% on a year-over-year basis. As a group, research analysts predict that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date of this dividend was Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Permian Resources Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding PR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Permian Resources Co. (NYSE:PRFree Report).

Institutional Ownership by Quarter for Permian Resources (NYSE:PR)

Receive News & Ratings for Permian Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Permian Resources and related companies with MarketBeat.com's FREE daily email newsletter.