Public Employees Retirement System of Ohio Sells 94,521 Shares of Permian Resources Corporation $PR

Key Points

• Public Employees Retirement System of Ohio cut its Permian Resources stake by 16.6%, selling 94,521 shares and retaining 473,820 shares valued at approximately $10.1 million. Institutional investors collectively own 91.84% of the company.
• Permian Resources reported quarterly EPS of $0.39, slightly exceeding the $0.38 analyst consensus, while revenue reached $1.39 billion. The company also maintains a quarterly dividend of $0.16 per share, yielding about 3.2% annually.
• Analysts remain broadly bullish, with the stock carrying an average “Buy” rating and a consensus price target of $23.29, compared with a recent price of $20.25.

Public Employees Retirement System of Ohio reduced its stake in Permian Resources Corporation (NYSE:PR - Free Report) by 16.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 473,820 shares of the company's stock after selling 94,521 shares during the period. Public Employees Retirement System of Ohio owned 0.06% of Permian Resources worth $10,102,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. SHP Wealth Management acquired a new position in Permian Resources in the 4th quarter valued at about $27,000. SJS Investment Consulting Inc. raised its holdings in Permian Resources by 1,862.5% in the 1st quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock valued at $30,000 after acquiring an additional 1,341 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Permian Resources during the fourth quarter worth approximately $39,000. State of Wyoming lifted its position in Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company's stock worth $41,000 after acquiring an additional 1,640 shares during the last quarter. Finally, Cedar Mountain Advisors LLC bought a new stake in shares of Permian Resources during the first quarter worth approximately $48,000. 91.84% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the sale, the executive vice president directly owned 542,503 shares of the company's stock, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 5.00% of the company's stock.

Permian Resources Stock Down 5.1%

NYSE PR opened at $20.25 on Tuesday. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a market cap of $16.96 billion, a price-to-earnings ratio of 23.55 and a beta of 0.46. The company has a 50 day moving average of $19.50 and a 200-day moving average of $18.85. Permian Resources Corporation has a 1-year low of $11.92 and a 1-year high of $22.67.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results 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. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the business posted $0.44 earnings per share. The firm's quarterly revenue was up .9% compared to the same quarter last year. On average, equities research analysts expect that Permian Resources Corporation will post 1.94 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, June 16th. Permian Resources's dividend payout ratio is presently 74.42%.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of recent research reports. Zacks Research lowered Permian Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 22nd. Raymond James Financial reduced their price target on Permian Resources from $29.00 to $26.00 and set a "strong-buy" rating for the company in a research note on Wednesday, June 17th. Wells Fargo & Company set a $26.00 price objective on Permian Resources in a report on Monday, May 25th. UBS Group lowered their price objective on Permian Resources from $25.00 to $24.00 and set a "buy" rating on the stock in a research report on Friday, July 17th. Finally, KeyCorp assumed coverage on Permian Resources in a report on Tuesday, April 7th. They set an "overweight" rating and a $25.00 target price for the company. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $23.29.

Permian Resources 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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