Permian Resources Co. (NYSE:PR) Shares Purchased by Arizona State Retirement System

Arizona State Retirement System raised its position in shares of Permian Resources Co. (NYSE:PR) by 16.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 173,135 shares of the company’s stock after purchasing an additional 24,026 shares during the period. Arizona State Retirement System’s holdings in Permian Resources were worth $2,490,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Proficio Capital Partners LLC acquired a new position in Permian Resources during the 4th quarter valued at about $207,000. M&T Bank Corp lifted its stake in shares of Permian Resources by 60.9% in the 4th quarter. M&T Bank Corp now owns 53,742 shares of the company’s stock worth $773,000 after acquiring an additional 20,340 shares during the period. Cookson Peirce & Co. Inc. lifted its stake in shares of Permian Resources by 45.5% in the 4th quarter. Cookson Peirce & Co. Inc. now owns 46,115 shares of the company’s stock worth $663,000 after acquiring an additional 14,425 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Permian Resources by 43.3% in the 4th quarter. Victory Capital Management Inc. now owns 2,756,558 shares of the company’s stock worth $39,639,000 after acquiring an additional 832,773 shares during the period. Finally, Cornerstone Investment Partners LLC lifted its stake in shares of Permian Resources by 22.0% in the 4th quarter. Cornerstone Investment Partners LLC now owns 50,943 shares of the company’s stock worth $733,000 after acquiring an additional 9,198 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Truist Financial upped their price target on shares of Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Piper Sandler reduced their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and upped their price target for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. Morgan Stanley assumed coverage on shares of Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price target for the company. Finally, Citigroup lowered shares of Permian Resources from a “buy” rating to a “reduce” rating in a research note on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.29.

Permian Resources Stock Down 2.6 %

Shares of NYSE:PR opened at $12.34 on Tuesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company has a market cap of $9.91 billion, a PE ratio of 7.48, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a 52 week low of $11.84 and a 52 week high of $18.28. The firm has a 50 day simple moving average of $14.54 and a 200 day simple moving average of $14.38.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be given a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.86%. Permian Resources’s dividend payout ratio (DPR) is presently 41.96%.

Insider Activity at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 2,731 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at approximately $822,525.36. This represents a 4.45 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Guy M. Oliphint sold 8,761 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the transaction, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,446 shares of company stock worth $269,731. 12.80% of the stock is owned by corporate insiders.

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.