VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.78 Million in Permian Resources Corporation $PR

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Permian Resources Corporation (NYSE:PR) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 96,798 shares of the company’s stock, valued at approximately $1,782,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Meiji Yasuda Asset Management Co Ltd. raised its position in shares of Permian Resources by 4.0% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 15,934 shares of the company’s stock valued at $224,000 after buying an additional 607 shares during the last quarter. Bessemer Group Inc. grew its position in Permian Resources by 21.3% during the first quarter. Bessemer Group Inc. now owns 3,537 shares of the company’s stock worth $76,000 after buying an additional 621 shares in the last quarter. Waterloo Capital L.P. increased its stake in Permian Resources by 3.1% during the fourth quarter. Waterloo Capital L.P. now owns 21,773 shares of the company’s stock valued at $305,000 after acquiring an additional 657 shares during the period. Dean Investment Associates LLC increased its stake in Permian Resources by 0.3% during the fourth quarter. Dean Investment Associates LLC now owns 265,615 shares of the company’s stock valued at $3,727,000 after acquiring an additional 922 shares during the period. Finally, Callahan Advisors LLC raised its holdings in Permian Resources by 4.8% in the 4th quarter. Callahan Advisors LLC now owns 22,093 shares of the company’s stock valued at $310,000 after acquiring an additional 1,004 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Raymond James Financial reiterated a “strong-buy” rating and issued a $29.00 price objective on shares of Permian Resources in a research report on Thursday, August 27th. Weiss Ratings upgraded Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a research note on Thursday, August 13th. Evercore started coverage on Permian Resources in a research report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 target price for the company. Truist Financial lifted their price target on shares of Permian Resources from $22.00 to $24.00 and gave the stock a “buy” rating in a research note on Monday, August 10th. Finally, Stifel Nicolaus began coverage on shares of Permian Resources in a report on Thursday. They issued a “buy” rating and a $30.00 price target on the stock. Six investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $24.00.

Permian Resources Stock Up 0.3%

NYSE PR opened at $23.77 on Friday. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $24.20. The company has a market capitalization of $19.91 billion, a price-to-earnings ratio of 15.75 and a beta of 0.49. The stock’s 50 day moving average is $21.54 and its two-hundred day moving average is $20.40. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10. The business had revenue of $1.86 billion during the quarter, compared to analysts’ expectations of $1.66 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.Permian Resources’s quarterly revenue was up 55.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.28 EPS. Equities analysts forecast that Permian Resources Corporation will post 2.27 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s dividend payout ratio is currently 42.38%.

Insiders Place Their Bets

In other news, EVP Guy M. Oliphint sold 5,103 shares of the company’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following the sale, the executive vice president owned 537,400 shares of the company’s stock, valued at approximately $12,763,250. This represents a 0.94% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the sale, the executive vice president owned 1,346,698 shares of the company’s stock, valued at $31,984,077.50. This trade represents a 0.38% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 15,699 shares of company stock worth $372,851 over the last three months. 5.00% of the stock is currently owned by corporate insiders.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company’s production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.