Strs Ohio Takes $7.41 Million Position in Permian Resources Corporation $PR

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 bought a new stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 535,300 shares of the company's stock, valued at approximately $7,414,000. Strs Ohio owned about 0.07% of Permian Resources as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of PR. 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 buying an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Permian Resources in the first quarter valued at approximately $30,000. Keystone Global Partners LLC purchased a new stake in shares of Permian Resources in the first quarter valued at approximately $36,000. Brooklyn Investment Group boosted its holdings in shares of Permian Resources by 433.9% in the first quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock valued at $43,000 after purchasing an additional 2,534 shares during the period. Finally, Tsfg LLC purchased a new stake in shares of Permian Resources in the first quarter valued at approximately $46,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of NYSE PR opened at $13.70 on Monday. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The company has a market cap of $10.97 billion, a PE ratio of 8.90 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. The business has a 50-day simple moving average of $13.78 and a two-hundred day simple moving average of $13.28.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. The firm 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%. Permian Resources's revenue was down 3.9% on a year-over-year basis. During the same period last year, the firm posted $0.39 EPS. As a group, equities analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. 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 is presently 38.96%.

Insider Buying and Selling

In related news, EVP John Charles Bell sold 4,743 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the transaction, the executive vice president directly owned 107,569 shares of the company's stock, valued at $1,528,555.49. This represents a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of the company's stock in a transaction on 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 transaction, the executive vice president directly owned 91,805 shares in the company, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. TD Cowen upgraded Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $17.00 price target on shares of Permian Resources in a report on Tuesday, September 2nd. Wall Street Zen lowered Permian Resources from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Raymond James Financial lowered their price target on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a report on Tuesday, September 2nd. Finally, Piper Sandler upped their target price on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Permian Resources currently has a consensus rating of "Buy" and a consensus price target of $18.47.

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.

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