Public Employees Retirement System of Ohio Has $6.21 Million Holdings in Permian Resources Corporation $PR

Key Points

• The Public Employees Retirement System of Ohio reduced its holdings in Permian Resources Corporation by 15.1%, owning 456,157 shares valued at approximately $6.21 million after selling 81,215 shares.
• Permian Resources announced a quarterly dividend of $0.15 per share, translating to an annual yield of 4.4%, with the payout date set for September 30th.
• Several analysts have recently set new price targets for Permian Resources, with consensus estimates suggesting a price target of $18.63 based on a mix of ratings including two strong buys and fourteen buys.

Public Employees Retirement System of Ohio decreased its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 15.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 456,157 shares of the company's stock after selling 81,215 shares during the period. Public Employees Retirement System of Ohio owned about 0.06% of Permian Resources worth $6,213,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Allworth Financial LP grew its stake in shares of Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock valued at $29,000 after purchasing an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new position in shares of Permian Resources in the 1st quarter worth $30,000. Keystone Global Partners LLC acquired a new stake in shares of Permian Resources during the first quarter worth $36,000. Brooklyn Investment Group increased its stake in shares of Permian Resources by 433.9% in the 1st quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock valued at $43,000 after acquiring an additional 2,534 shares during the last quarter. Finally, Tsfg LLC acquired a new stake in shares of Permian Resources in the 1st quarter valued at approximately $46,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the transaction, the executive vice president directly owned 107,569 shares in the company, valued at approximately $1,528,555.49. This trade represents a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the sale, the executive vice president owned 91,805 shares in the company, valued at approximately $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by corporate insiders.

Permian Resources Stock Down 0.1%

PR stock opened at $13.68 on Monday. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33. The company has a market cap of $10.95 billion, a PE ratio of 8.88 and a beta of 1.42. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. The business has a 50-day simple moving average of $13.71 and a 200 day simple moving average of $13.33.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. The firm had revenue of $1.20 billion during the quarter, compared to analysts' expectations of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company's quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.39 earnings per share. Sell-side analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a $0.15 dividend. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.4%. Permian Resources's dividend payout ratio (DPR) is currently 38.96%.

Analysts Set New Price Targets

Several analysts recently commented on the company. Scotiabank assumed coverage on Permian Resources in a research note on Friday, September 19th. They set a "sector outperform" rating and a $21.00 price objective on the stock. Wall Street Zen lowered shares of Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. TD Cowen raised Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Royal Bank Of Canada reissued an "outperform" rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Tuesday, September 2nd. Finally, Wells Fargo & Company upped their price objective on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Permian Resources has a consensus rating of "Buy" and a consensus price target of $18.63.

About Permian Resources

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.

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