Mutual of America Capital Management LLC Acquires 118,200 Shares of Permian Resources Co. (NYSE:PR)

Mutual of America Capital Management LLC grew its holdings in Permian Resources Co. (NYSE:PR) by 18.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 761,721 shares of the company’s stock after acquiring an additional 118,200 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Permian Resources were worth $10,367,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Janney Montgomery Scott LLC grew its position in Permian Resources by 38.0% during the first quarter. Janney Montgomery Scott LLC now owns 22,253 shares of the company’s stock worth $393,000 after buying an additional 6,126 shares in the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Permian Resources by 11.9% during the 1st quarter. Bleakley Financial Group LLC now owns 12,504 shares of the company’s stock worth $221,000 after purchasing an additional 1,325 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Permian Resources by 11.2% during the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock valued at $949,189,000 after purchasing an additional 5,432,654 shares during the period. Ameritas Investment Partners Inc. raised its stake in shares of Permian Resources by 8.8% in the first quarter. Ameritas Investment Partners Inc. now owns 195,600 shares of the company’s stock valued at $3,454,000 after purchasing an additional 15,802 shares in the last quarter. Finally, American International Group Inc. lifted its position in Permian Resources by 10.4% in the first quarter. American International Group Inc. now owns 830,432 shares of the company’s stock worth $14,665,000 after purchasing an additional 78,146 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Stock Performance

Permian Resources stock opened at $14.80 on Monday. The stock has a 50-day simple moving average of $14.03 and a 200 day simple moving average of $14.99. The stock has a market capitalization of $11.88 billion, a price-to-earnings ratio of 8.97, a P/E/G ratio of 0.89 and a beta of 4.34. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 12-month low of $12.34 and a 12-month high of $18.28.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share 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 during the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the firm posted $0.36 earnings per share. The company’s revenue was up 60.3% on a year-over-year basis. 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 disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be issued a dividend of $0.15 per share. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 4.05%. Permian Resources’s dividend payout ratio is currently 36.36%.

Wall Street Analyst Weigh In

PR has been the topic of several analyst reports. Piper Sandler lowered their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. Susquehanna dropped their price target on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Citigroup lowered their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Finally, Wells Fargo & Company cut their target price 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. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.87.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This represents a 7.28 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction that occurred 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 sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 5.88 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

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.