State of New Jersey Common Pension Fund D Increases Stock Position in Permian Resources Corporation $PR

State of New Jersey Common Pension Fund D raised its position in shares of Permian Resources Corporation (NYSE:PR) by 24.9% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 209,687 shares of the company’s stock after purchasing an additional 41,818 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Permian Resources were worth $2,942,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC boosted its position in Permian Resources by 114.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock valued at $25,000 after buying an additional 1,047 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after acquiring an additional 3,224 shares during the period. FNY Investment Advisers LLC purchased a new stake in Permian Resources in the fourth quarter worth $60,000. Allworth Financial LP lifted its stake in Permian Resources by 18.7% in the third quarter. Allworth Financial LP now owns 6,445 shares of the company’s stock worth $82,000 after acquiring an additional 1,015 shares during the period. Finally, Rakuten Securities Inc. lifted its stake in Permian Resources by 237.6% in the second quarter. Rakuten Securities Inc. now owns 7,106 shares of the company’s stock worth $97,000 after acquiring an additional 5,001 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

PR opened at $22.40 on Wednesday. The stock has a fifty day simple moving average of $20.00 and a two-hundred day simple moving average of $16.37. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31. The company has a market cap of $18.73 billion, a price-to-earnings ratio of 17.92, a price-to-earnings-growth ratio of 1.27 and a beta of 0.52. Permian Resources Corporation has a 12-month low of $11.64 and a 12-month high of $22.68.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a return on equity of 10.83% and a net margin of 18.46%.The firm’s quarterly revenue was down 9.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.36 earnings per share. Research analysts predict that Permian Resources Corporation will post 1.92 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.9%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.15. The ex-dividend date was Tuesday, March 17th. Permian Resources’s dividend payout ratio is currently 51.20%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on PR. The Goldman Sachs Group raised their price target on Permian Resources from $17.00 to $22.00 and gave the stock a “buy” rating in a research note on Wednesday, March 11th. Wells Fargo & Company raised their price target on Permian Resources from $21.00 to $27.00 and gave the stock an “overweight” rating in a research note on Friday, April 10th. UBS Group raised their price target on Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $21.00 price target on shares of Permian Resources in a research note on Thursday, February 26th. Finally, Royal Bank Of Canada raised their price target on Permian Resources from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Monday, March 2nd. Four research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $22.38.

Insiders Place Their Bets

In other Permian Resources news, Director Jeffrey Tepper sold 50,000 shares of the stock in a transaction on Thursday, March 12th. The stock was sold at an average price of $19.38, for a total value of $969,000.00. Following the completion of the transaction, the director owned 150,546 shares in the company, valued at approximately $2,917,581.48. This represents a 24.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John Charles Bell sold 158,385 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total value of $2,912,700.15. Following the completion of the transaction, the executive vice president owned 1,567,172 shares of the company’s stock, valued at approximately $28,820,293.08. This trade represents a 9.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 3,130,066 shares of company stock valued at $58,837,655 in the last 90 days. Corporate insiders own 5.00% of the company’s stock.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.