Public Employees Retirement Association of Colorado Has $17.25 Million Stock Position in Permian Resources Corporation $PR

Key Points

• Public Employees Retirement Association of Colorado increased its stake in Permian Resources by 21% in the fourth quarter, buying 213,400 shares and bringing its total holding to 1,229,822 shares worth about $17.25 million.
• Other major institutional investors also boosted their positions, including Vanguard, Dimensional Fund Advisors, and Bank of New York Mellon, with institutions and hedge funds now owning 91.84% of the company.
• Permian Resources reported quarterly EPS of $0.39, slightly ahead of expectations, and continues to pay a quarterly dividend of $0.16 per share, which annualizes to a 3.4% yield.

Public Employees Retirement Association of Colorado lifted its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 21.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,229,822 shares of the company's stock after buying an additional 213,400 shares during the quarter. Public Employees Retirement Association of Colorado owned about 0.15% of Permian Resources worth $17,254,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Permian Resources by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company's stock worth $1,057,930,000 after purchasing an additional 3,941,318 shares during the period. Dimensional Fund Advisors LP increased its position 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 period. Bank of New York Mellon Corp increased its position in shares of 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 worth $352,906,000 after purchasing an additional 13,483,136 shares during the period. State Street Corp increased its position in shares of Permian Resources by 2.0% in the fourth quarter. State Street Corp now owns 23,553,393 shares of the company's stock worth $330,454,000 after purchasing an additional 460,158 shares during the period. Finally, Boston Partners increased its position in shares of Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company's stock worth $222,099,000 after purchasing an additional 7,503,654 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Truist Financial raised their price target on Permian Resources from $24.00 to $25.00 and gave the stock a "buy" rating in a research report on Tuesday, April 14th. BMO Capital Markets upgraded Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 7th. Roth Mkm restated a "neutral" rating and issued a $22.00 price target (up from $20.00) on shares of Permian Resources in a research report on Wednesday, April 8th. Mizuho raised their price target on Permian Resources from $26.00 to $27.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Finally, UBS Group raised their price target on Permian Resources from $19.00 to $23.00 and gave the stock a "buy" rating in a research report on Thursday, March 5th. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $22.69.

Permian Resources Trading Down 2.9%

Shares of Permian Resources stock opened at $18.95 on Tuesday. The firm's 50 day moving average is $20.27 and its 200 day moving average is $17.80. The firm has a market capitalization of $15.86 billion, a PE ratio of 22.03 and a beta of 0.48. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $22.67. The company has a current ratio of 0.66, a quick 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 data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The business had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The firm's quarterly revenue was up .9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.44 EPS. Equities research analysts forecast that Permian Resources Corporation will post 2.01 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business 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. This represents a $0.64 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Tuesday, June 16th. Permian Resources's dividend payout ratio is currently 74.42%.

Insider Buying and Selling

In related news, Director Aron Marquez sold 7,750 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $19.62, for a total transaction of $152,055.00. Following the completion of the transaction, the director directly owned 72,218 shares in the company, valued at $1,416,917.16. This represents a 9.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William J. Quinn sold 512,429 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $19.59, for a total transaction of $10,038,484.11. Following the transaction, the director owned 6,914,410 shares of the company's stock, valued at approximately $135,453,291.90. This represents a 6.90% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 582,948 shares of company stock worth $11,473,537 in the last three months. 5.00% of the stock is owned by corporate insiders.

About Permian Resources

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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