484,910 Shares in Permian Resources Corporation $PR Bought by Strs Ohio

Key Points

• Strs Ohio initiated a new position in Permian Resources during the first quarter, buying 484,910 shares worth about $10.34 million.
• Institutional ownership remains heavy, with large investors such as Vanguard, Dimensional, and Bank of New York Mellon also increasing stakes; institutions now own 91.84% of the company.
• Wall Street sentiment is broadly positive: analysts give PR an average Buy rating with a consensus target price of $23.53, while the stock recently traded at $18.20. The company also beat quarterly EPS estimates and pays a 3.5% dividend yield.

Strs Ohio acquired a new stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 484,910 shares of the company's stock, valued at approximately $10,338,000. Strs Ohio owned about 0.06% of Permian Resources at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in Permian Resources by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company's stock valued at $1,057,930,000 after buying an additional 3,941,318 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Permian Resources by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company's stock valued at $443,856,000 after acquiring an additional 4,533,732 shares during the period. Bank of New York Mellon Corp boosted its stake in Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock valued at $352,906,000 after acquiring an additional 13,483,136 shares during the period. State Street Corp grew its holdings in shares of Permian Resources by 2.0% during the fourth quarter. State Street Corp now owns 23,553,393 shares of the company's stock valued at $330,454,000 after purchasing an additional 460,158 shares during the last quarter. Finally, Boston Partners boosted its holdings in shares of Permian Resources by 76.2% during the third quarter. Boston Partners now owns 17,350,663 shares of the company's stock valued at $222,099,000 after acquiring an additional 7,503,654 shares during the period. Institutional investors own 91.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PR. Citigroup boosted their price objective on Permian Resources from $21.00 to $26.00 and gave the stock a "buy" rating in a research report on Tuesday, March 31st. Truist Financial boosted their price target on shares of Permian Resources from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday, April 14th. Morgan Stanley decreased their price objective on shares of Permian Resources from $25.00 to $24.00 and set an "overweight" rating for the company in a report on Monday, June 29th. BMO Capital Markets raised Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 7th. Finally, KeyCorp started coverage on Permian Resources in a report on Tuesday, April 7th. They issued an "overweight" rating and a $25.00 price objective for the company. 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 data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $23.53.

Insider Activity at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the firm's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president owned 542,503 shares of the company's stock, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.00% of the company's stock.

Permian Resources Stock Performance

Shares of NYSE PR opened at $18.20 on Monday. 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 stock has a market capitalization of $15.23 billion, a price-to-earnings ratio of 21.16 and a beta of 0.46. The stock's fifty day simple moving average is $19.76 and its 200 day simple moving average is $18.18. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67.

Permian Resources (NYSE:PR - Get Free Report) last announced its 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. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.Permian Resources's revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the business posted $0.44 earnings per share. As a group, sell-side analysts forecast that Permian Resources Corporation will post 1.97 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.16 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.5%. Permian Resources's payout ratio is currently 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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