Teachers Retirement System of The State of Kentucky Grows Position in Permian Resources Co. (NYSE:PR)

Teachers Retirement System of The State of Kentucky lifted its position in Permian Resources Co. (NYSE:PR) by 7.6% during the 3rd quarter, Holdings Channel reports. The firm owned 171,010 shares of the company’s stock after acquiring an additional 12,110 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Permian Resources were worth $2,327,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in PR. Sunbelt Securities Inc. boosted its position in Permian Resources by 33.4% during 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 during the period. Larson Financial Group LLC raised its stake in shares of Permian Resources by 0.5% during the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock valued at $3,379,000 after acquiring an additional 949 shares during the last quarter. Avior Wealth Management LLC boosted its holdings in shares of Permian Resources by 0.9% during the third quarter. Avior Wealth Management LLC now owns 114,601 shares of the company’s stock worth $1,560,000 after purchasing an additional 1,007 shares during the period. Nisa Investment Advisors LLC grew its stake in shares of Permian Resources by 17.8% in the second quarter. Nisa Investment Advisors LLC now owns 6,833 shares of the company’s stock worth $110,000 after purchasing an additional 1,032 shares during the last quarter. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in Permian Resources by 9.7% during the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 12,939 shares of the company’s stock valued at $209,000 after purchasing an additional 1,147 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on PR shares. Susquehanna dropped their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. UBS Group dropped their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Wells Fargo & Company reduced their price objective on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Benchmark dropped their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Finally, Piper Sandler boosted their price target on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Two investment 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 company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Stock Down 0.5 %

Shares of NYSE:PR opened at $14.68 on Monday. 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 fifty day simple moving average of $14.67 and a two-hundred day simple moving average of $14.82. Permian Resources Co. has a 12-month low of $12.59 and a 12-month high of $18.28. The stock has a market capitalization of $11.79 billion, a price-to-earnings ratio of 8.90, a PEG ratio of 0.88 and a beta of 4.35.

Permian Resources (NYSE:PR) last announced its quarterly 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 net margin of 21.20% and a return on equity of 11.15%. The company had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the previous year, the business posted $0.36 EPS. Permian Resources’s revenue was up 60.3% compared to the same quarter last year. On average, research analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were issued a dividend of $0.15 per share. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.09%. Permian Resources’s dividend payout ratio is presently 36.36%.

About Permian Resources

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.