Permian Resources Co. (NYSE:PR) Shares Bought by California State Teachers Retirement System

California State Teachers Retirement System grew its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 12.5% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 562,494 shares of the company's stock after acquiring an additional 62,339 shares during the period. California State Teachers Retirement System owned about 0.07% of Permian Resources worth $8,089,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of PR. Janney Montgomery Scott LLC lifted its stake in Permian Resources by 11.2% in the fourth quarter. Janney Montgomery Scott LLC now owns 28,542 shares of the company's stock worth $410,000 after acquiring an additional 2,884 shares during the period. Blue Trust Inc. lifted its position in shares of Permian Resources by 28.6% in the 4th quarter. Blue Trust Inc. now owns 4,226 shares of the company's stock worth $58,000 after purchasing an additional 939 shares during the period. KBC Group NV boosted its stake in shares of Permian Resources by 60.7% during the fourth quarter. KBC Group NV now owns 25,072 shares of the company's stock valued at $361,000 after purchasing an additional 9,475 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Permian Resources by 19.8% during the fourth quarter. Jennison Associates LLC now owns 9,159,252 shares of the company's stock valued at $131,710,000 after purchasing an additional 1,511,923 shares in the last quarter. Finally, Trust Point Inc. increased its holdings in Permian Resources by 179.5% during the fourth quarter. Trust Point Inc. now owns 44,272 shares of the company's stock valued at $637,000 after buying an additional 28,435 shares during the period. Hedge funds and other institutional investors own 91.84% of the company's stock.

Permian Resources Stock Performance

Shares of NYSE:PR traded up $0.17 on Monday, hitting $12.78. 8,375,435 shares of the company were exchanged, compared to its average volume of 9,670,757. The firm has a market capitalization of $10.26 billion, a P/E ratio of 7.74, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 1-year low of $10.01 and a 1-year high of $16.95. The stock's 50 day moving average price is $12.41 and its 200 day moving average price is $13.78.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). The firm had revenue of $1.38 billion during the quarter, compared to analysts' expectations of $1.37 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business's revenue was up 10.7% on a year-over-year basis. During the same quarter last year, the business earned $0.25 EPS. Sell-side analysts predict that Permian Resources Co. will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.70%. The ex-dividend date of this dividend is Monday, June 16th. Permian Resources's dividend payout ratio (DPR) is 37.04%.

Analysts Set New Price Targets

Several analysts have issued reports on PR shares. Bank of America increased their target price on Permian Resources from $15.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 23rd. JPMorgan Chase & Co. dropped their price objective on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Morgan Stanley cut their target price on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a research note on Thursday, March 27th. The Goldman Sachs Group increased their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research report on Friday, May 16th. Finally, Piper Sandler lowered their price target on shares of Permian Resources from $20.00 to $19.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.56.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.