Permian Resources Co. (NASDAQ:PR) Shares Acquired by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp grew its position in Permian Resources Co. (NASDAQ:PR) by 12.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 402,837 shares of the company’s stock after purchasing an additional 43,791 shares during the period. Texas Permanent School Fund Corp’s holdings in Permian Resources were worth $7,114,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Principal Financial Group Inc. raised its position in Permian Resources by 47.4% in the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock worth $23,466,000 after acquiring an additional 554,694 shares in the last quarter. Mount Lucas Management LP acquired a new position in shares of Permian Resources in the 4th quarter valued at about $746,000. DRW Securities LLC purchased a new stake in Permian Resources in the 4th quarter worth approximately $1,904,000. Franklin Resources Inc. boosted its position in Permian Resources by 74.2% during the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock valued at $4,783,000 after purchasing an additional 149,851 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Permian Resources by 31.1% during the 4th quarter. Swiss National Bank now owns 724,348 shares of the company’s stock valued at $9,851,000 after buying an additional 171,648 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Trading Down 0.1 %

PR stock traded down $0.02 during midday trading on Friday, reaching $16.55. The stock had a trading volume of 355,362 shares, compared to its average volume of 10,010,474. Permian Resources Co. has a twelve month low of $10.59 and a twelve month high of $18.28. The business has a fifty day simple moving average of $16.06 and a two-hundred day simple moving average of $15.59. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. The firm has a market cap of $12.74 billion, a price-to-earnings ratio of 15.05, a PEG ratio of 0.64 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.06. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. As a group, research analysts expect that Permian Resources Co. will post 1.76 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.45%. The ex-dividend date was Monday, May 20th. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Insider Activity

In related news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the transaction, the director now directly owns 158,665 shares of the company’s stock, valued at approximately $2,605,279.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 12.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Stifel Nicolaus upped their price target on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, March 22nd. JPMorgan Chase & Co. lifted their target price on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $20.00 price target on shares of Permian Resources in a report on Thursday. Wells Fargo & Company increased their target price on Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Finally, Truist Financial lifted their price target on shares of Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a report on Monday, April 22nd. One equities research analyst has rated the stock with a hold rating, thirteen have issued 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 a consensus target price of $20.57.

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.