VIRGINIA RETIREMENT SYSTEMS ET Al Buys New Stake in Permian Resources Corporation $PR

Key Points

• Virginia Retirement Systems bought 96,798 shares of Permian Resources worth approximately $1.8 million. Institutional investors collectively own 91.84% of the company.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $24.00; several firms maintain “Strong Buy” ratings with targets as high as $29.
• Permian Resources exceeded quarterly earnings and revenue estimates, reporting EPS of $0.69 and revenue of $1.86 billion, while increasing revenue 55.1% year over year. The company also declared a quarterly dividend of $0.16 per share, yielding about 2.7%.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 96,798 shares of the company's stock, valued at approximately $1,782,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. California State Teachers Retirement System increased its holdings in shares of Permian Resources by 1,885.1% during the second quarter. California State Teachers Retirement System now owns 16,229,501 shares of the company's stock valued at $298,785,000 after purchasing an additional 15,411,935 shares during the period. Bank of New York Mellon Corp lifted its holdings in Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock worth $352,906,000 after purchasing an additional 13,483,136 shares during the period. Boston Partners lifted its holdings in Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company's stock worth $222,099,000 after purchasing an additional 7,503,654 shares during the period. Millennium Management LLC grew its position in Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company's stock valued at $126,081,000 after buying an additional 6,678,814 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new position in Permian Resources in the 1st quarter valued at about $121,041,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on PR shares. Wells Fargo & Company upgraded shares of Permian Resources to a "strong-buy" rating in a research report on Wednesday, September 2nd. Seaport Research Partners started coverage on shares of Permian Resources in a research note on Thursday, September 3rd. They set a "buy" rating and a $29.00 price objective on the stock. Citigroup dropped their target price on Permian Resources from $26.00 to $24.00 and set a "buy" rating on the stock in a report on Wednesday, July 15th. Morgan Stanley restated an "overweight" rating on shares of Permian Resources in a research report on Wednesday, August 19th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $29.00 price target on shares of Permian Resources in a research note on Thursday, August 27th. Six investment 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, the stock presently has a consensus rating of "Buy" and an average target price of $24.00.

Permian Resources Price Performance

Shares of NYSE PR opened at $23.77 on Friday. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $24.20. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.25. The firm has a 50-day moving average of $21.54 and a two-hundred day moving average of $20.40. The company has a market capitalization of $19.91 billion, a price-to-earnings ratio of 15.75 and a beta of 0.49.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, August 5th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same period in the previous year, the firm earned $0.28 EPS. The business's revenue for the quarter was up 55.1% on a year-over-year basis. As a group, analysts expect that Permian Resources Corporation will post 2.27 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

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

Insider Transactions at Permian Resources

In other news, EVP Robert Shannon sold 5,104 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the sale, the executive vice president directly owned 1,346,698 shares of the company's stock, valued at $31,984,077.50. This trade represents a 0.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy Oliphint sold 5,103 shares of Permian Resources stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the transaction, the executive vice president owned 537,400 shares in the company, valued at $12,763,250. The trade was a 0.94% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 15,699 shares of company stock valued at $372,851 in the last three months. 5.00% of the stock is currently owned by corporate insiders.

Permian Resources Company Profile

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development and production of hydrocarbon resources in the Permian Basin. Its operations are concentrated in the Delaware and Midland basins of West Texas and southeastern New Mexico, where it develops primarily unconventional oil and natural gas properties.

The company's production includes crude oil, natural gas and natural gas liquids. Permian Resources operates a portfolio of acreage and drilling locations and uses horizontal drilling and hydraulic fracturing technologies to develop its resources.

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