Retirement Systems of Alabama Raises Stock Position in Permian Resources Co. (NASDAQ:PR)

Retirement Systems of Alabama increased its position in Permian Resources Co. (NASDAQ:PR) by 9.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 633,912 shares of the company’s stock after purchasing an additional 56,576 shares during the quarter. Retirement Systems of Alabama owned approximately 0.08% of Permian Resources worth $10,238,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PR. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Permian Resources in the 4th quarter worth approximately $353,683,000. Vanguard Group Inc. lifted its holdings in Permian Resources by 69.7% during the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after buying an additional 19,847,358 shares during the period. OnyxPoint Global Management LP bought a new stake in Permian Resources during the 4th quarter valued at $114,159,000. Massachusetts Financial Services Co. MA increased its holdings in shares of Permian Resources by 96.6% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after acquiring an additional 6,464,093 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Permian Resources by 480.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after acquiring an additional 5,012,287 shares in the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on PR. Truist Financial raised their price objective on Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a research report on Tuesday, July 30th. Susquehanna cut their price objective on shares of Permian Resources from $18.00 to $16.00 and set a “neutral” rating on the stock in a research report on Thursday, August 8th. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price for the company in a research report on Wednesday, July 3rd. UBS Group lowered their target price on shares of Permian Resources from $21.00 to $19.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Finally, Benchmark reaffirmed a “buy” rating and set a $17.00 price target on shares of Permian Resources in a research report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $20.00.

Permian Resources Trading Up 2.6 %

Permian Resources stock opened at $14.54 on Friday. The stock has a 50-day moving average price of $15.40 and a 200 day moving average price of $15.95. The company has a market capitalization of $11.20 billion, a price-to-earnings ratio of 13.22, a price-to-earnings-growth ratio of 0.60 and a beta of 4.37. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The business’s quarterly revenue was up 99.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.27 EPS. Sell-side analysts anticipate that Permian Resources Co. will post 1.66 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th will be given a $0.06 dividend. The ex-dividend date is Monday, August 19th. This represents a $0.24 annualized dividend and a yield of 1.65%. Permian Resources’s dividend payout ratio is presently 21.82%.

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.