535,300 Shares in Permian Resources Corporation $PR Purchased by Strs Ohio

Key Points

• Strs Ohio has acquired a new position in Permian Resources Corporation, purchasing 535,300 shares valued at approximately $7.41 million.
• Permian Resources reported a quarterly EPS of $0.27, matching expectations, but experienced a 3.9% revenue decline year-over-year.
• The company recently declared a quarterly dividend of $0.15 per share, yielding about 4.4%, to be paid to shareholders on September 30th.

Strs Ohio purchased a new stake in Permian Resources Corporation (NYSE:PR - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 535,300 shares of the company's stock, valued at approximately $7,414,000. Strs Ohio owned approximately 0.07% of Permian Resources at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC increased its stake in Permian Resources by 30.8% during the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock valued at $54,000 after purchasing an additional 921 shares during the last quarter. HighPoint Advisor Group LLC increased its stake in Permian Resources by 5.1% during the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company's stock valued at $283,000 after purchasing an additional 986 shares during the last quarter. Vident Advisory LLC increased its stake in Permian Resources by 9.9% during the first quarter. Vident Advisory LLC now owns 11,321 shares of the company's stock valued at $157,000 after purchasing an additional 1,019 shares during the last quarter. Creative Financial Designs Inc. ADV increased its stake in Permian Resources by 1.8% during the first quarter. Creative Financial Designs Inc. ADV now owns 64,181 shares of the company's stock valued at $889,000 after purchasing an additional 1,106 shares during the last quarter. Finally, SBI Securities Co. Ltd. increased its stake in Permian Resources by 18.1% during the first quarter. SBI Securities Co. Ltd. now owns 7,331 shares of the company's stock valued at $102,000 after purchasing an additional 1,122 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on PR shares. Piper Sandler boosted their target price on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Mizuho lowered their target price on shares of Permian Resources from $20.00 to $19.00 and set an "outperform" rating for the company in a research note on Monday. TD Cowen upgraded shares of Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Wells Fargo & Company boosted their target price on shares of Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Wednesday, August 13th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $17.00 target price on shares of Permian Resources in a research note on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Permian Resources has a consensus rating of "Buy" and an average target price of $18.63.

Insider Activity

In related news, EVP Robert Regan Shannon sold 4,742 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the sale, the executive vice president owned 91,805 shares of the company's stock, valued at $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP John Charles Bell sold 4,743 shares of the company's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the sale, the executive vice president directly owned 107,569 shares of the company's stock, valued at $1,528,555.49. The trade was a 4.22% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.44% of the company's stock.

Permian Resources Stock Performance

Shares of Permian Resources stock traded down $0.32 during trading on Friday, hitting $13.26. 19,190,397 shares of the stock were exchanged, compared to its average volume of 11,747,803. The stock's fifty day moving average is $13.70 and its 200 day moving average is $13.29. The stock has a market cap of $10.61 billion, a PE ratio of 8.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.63 and a current ratio of 0.63. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.33.

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

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 4.5%. Permian Resources's dividend payout ratio is presently 38.96%.

Permian Resources 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.