Public Employees Retirement System of Ohio Acquires New Holdings in Permian Resources Corporation $PR

Key Points

• Public Employees Retirement System of Ohio acquired 487,999 shares of Permian Resources, worth approximately $8.98 million, while institutional investors collectively own 91.84% of the company.
• Permian Resources reported quarterly EPS of $0.69, exceeding estimates by $0.10, with revenue of $1.86 billion—up 55.1% year over year.
• The company declared a quarterly dividend of $0.16 per share, representing an annualized payout of $0.64 and a 2.7% yield; analysts maintain a consensus “Buy” rating with an average price target of $23.65.

Public Employees Retirement System of Ohio bought a new stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 487,999 shares of the company's stock, valued at approximately $8,984,000. Public Employees Retirement System of Ohio owned approximately 0.06% of Permian Resources at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. AQR Capital Management LLC increased its stake in shares of Permian Resources by 69.2% in the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company's stock worth $2,060,000 after purchasing an additional 61,230 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Permian Resources by 18.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company's stock worth $75,512,000 after acquiring an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Permian Resources by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company's stock worth $16,751,000 after acquiring an additional 87,105 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company's stock worth $57,000 after acquiring an additional 3,224 shares during the period. Finally, Marshall Wace LLP boosted its holdings in Permian Resources by 21.3% in the 2nd quarter. Marshall Wace LLP now owns 93,507 shares of the company's stock valued at $1,274,000 after purchasing an additional 16,443 shares during the period. Institutional investors own 91.84% of the company's stock.

Permian Resources Trading Up 2.8%

Shares of PR stock opened at $23.34 on Tuesday. The firm has a fifty day moving average of $20.62 and a 200-day moving average of $20.02. The stock has a market cap of $19.55 billion, a price-to-earnings ratio of 15.46 and a beta of 0.47. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $24.09. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm's revenue was up 55.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.28 EPS. On average, equities research analysts forecast that Permian Resources Corporation will post 2.24 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, September 16th. Permian Resources's payout ratio is presently 42.38%.

Analyst Ratings Changes

Several research analysts have recently issued reports on PR shares. Mizuho upgraded shares of Permian Resources to a "strong-buy" rating in a report on Friday, July 31st. Zacks Research cut shares of Permian Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 22nd. Raymond James Financial reissued a "strong-buy" rating and set a $29.00 target price on shares of Permian Resources in a research report on Thursday. Weiss Ratings raised Permian Resources from a "hold (c+)" rating to a "buy (b)" rating in a report on Thursday, August 13th. Finally, Morgan Stanley reaffirmed an "overweight" rating on shares of Permian Resources in a report on Wednesday, August 19th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Permian Resources currently has a consensus rating of "Buy" and an average target price of $23.65.

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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