214,700 Shares in Permian Resources Corporation $PR Acquired by Louisiana State Employees Retirement System

Key Points

• Louisiana State Employees Retirement System opened a new position in Permian Resources, buying 214,700 shares worth about $4.58 million in the first quarter.
• Institutional ownership in PR remains very high, with hedge funds and institutions holding 91.84% of the stock. Several large investors also recently increased their stakes significantly.
• Analysts are broadly positive on the stock: the consensus rating is Buy with an average price target of $23.18, while the company also reported a slight EPS beat and declared a $0.16 quarterly dividend.

Louisiana State Employees Retirement System purchased a new position in Permian Resources Corporation (NYSE:PR - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 214,700 shares of the company's stock, valued at approximately $4,577,000.

A number of other institutional investors and hedge funds also recently modified their holdings of PR. Bank of New York Mellon Corp grew its holdings in shares of Permian Resources by 115.5% in the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock worth $352,906,000 after acquiring an additional 13,483,136 shares during the last quarter. Boston Partners boosted its position in shares of Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company's stock valued at $222,099,000 after purchasing an additional 7,503,654 shares during the period. Millennium Management LLC increased its stake in Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company's stock worth $126,081,000 after purchasing an additional 6,678,814 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Permian Resources by 20.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company's stock worth $346,919,000 after purchasing an additional 4,691,280 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in Permian Resources by 73.8% during the 4th quarter. Wellington Management Group LLP now owns 9,833,783 shares of the company's stock worth $137,968,000 after buying an additional 4,176,224 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Wall Street Analyst Weigh In

PR has been the subject of several recent analyst reports. Evercore assumed coverage on shares of Permian Resources in a report on Tuesday. They issued an "outperform" rating and a $25.00 target price for the company. The Goldman Sachs Group boosted their price target on shares of Permian Resources from $17.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, March 11th. Royal Bank Of Canada upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an "outperform" rating in a research report on Monday, March 2nd. Raymond James Financial decreased their price objective on shares of Permian Resources from $29.00 to $26.00 and set a "strong-buy" rating for the company in a research note on Wednesday, June 17th. Finally, Benchmark downgraded shares of Permian Resources from a "buy" rating to a "hold" rating in a research note on Thursday, March 5th. Four analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $23.18.

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the business's stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares in the company, valued at $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.00% of the stock is owned by company insiders.

Permian Resources Stock Down 1.1%

PR stock opened at $18.65 on Friday. Permian Resources Corporation has a 12-month low of $11.92 and a 12-month high of $22.67. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market cap of $15.61 billion, a price-to-earnings ratio of 21.68 and a beta of 0.48. The company has a 50 day moving average of $19.93 and a two-hundred day moving average of $18.04.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business had revenue of $1.39 billion for the quarter, compared to analysts' expectations of $1.41 billion. During the same period in the previous year, the company posted $0.44 EPS. Permian Resources's revenue was up .9% on a year-over-year basis. On average, equities analysts anticipate that Permian Resources Corporation will post 2 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be given a dividend of $0.16 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a yield of 3.4%. Permian Resources's dividend payout ratio (DPR) is presently 74.42%.

Permian Resources Company Profile

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.

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