California State Teachers Retirement System Buys 144,812 Shares of Permian Resources Corporation $PR

California State Teachers Retirement System lifted its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 21.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 817,566 shares of the company's stock after buying an additional 144,812 shares during the period. California State Teachers Retirement System owned approximately 0.10% of Permian Resources worth $17,431,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of PR. Bank of New York Mellon Corp grew its position in Permian Resources by 115.5% during 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 lifted its position in Permian Resources by 76.2% in the third 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 last quarter. Millennium Management LLC boosted its stake in shares of Permian Resources by 210.6% during the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company's stock valued at $126,081,000 after purchasing an additional 6,678,814 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Permian Resources during the first quarter valued at approximately $121,041,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Permian Resources by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company's stock worth $443,856,000 after purchasing an additional 4,533,732 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

Insider Transactions at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction dated 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 directly owned 542,503 shares of the company's stock, valued at $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently commented on PR. UBS Group decreased their target price on shares of Permian Resources from $25.00 to $24.00 and set a "buy" rating on the stock in a research note on Friday, July 17th. Zacks Research cut shares of Permian Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 22nd. KeyCorp initiated coverage on shares of Permian Resources in a report on Tuesday, April 7th. They issued an "overweight" rating and a $25.00 price target on the stock. Morgan Stanley decreased their price objective on shares of Permian Resources from $25.00 to $24.00 and set an "overweight" rating on the stock in a research report on Monday, June 29th. Finally, Scotiabank upped their price objective on shares of Permian Resources from $21.00 to $25.00 and gave the company a "sector outperform" rating in a research note on Wednesday, April 22nd. Four research 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's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $23.29.

Permian Resources Stock Performance

Shares of PR stock opened at $21.27 on Monday. The stock has a fifty day moving average of $19.50 and a 200 day moving average of $19.04. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. The firm has a market capitalization of $17.80 billion, a price-to-earnings ratio of 24.73 and a beta of 0.47. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share 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 quarter in the previous year, the business posted $0.44 earnings per share. The firm's revenue for the quarter was up .9% compared to the same quarter last year. As a group, research analysts expect that Permian Resources Corporation will post 1.94 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th were given a dividend of $0.16 per share. The ex-dividend date was Tuesday, June 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.0%. 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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