VIRGINIA RETIREMENT SYSTEMS ET Al Invests $3.17 Million in Permian Resources Corporation $PR

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Permian Resources Corporation (NYSE:PR) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 232,398 shares of the company’s stock, valued at approximately $3,165,000.

Several other institutional investors have also recently made changes to their positions in PR. Allworth Financial LP lifted its holdings in shares of Permian Resources by 376.7% in the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after acquiring an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC bought a new stake in shares of Permian Resources in the 1st quarter worth about $30,000. Keystone Global Partners LLC bought a new stake in shares of Permian Resources in the 1st quarter worth about $36,000. Brooklyn Investment Group lifted its holdings in shares of Permian Resources by 433.9% in the 1st quarter. Brooklyn Investment Group now owns 3,118 shares of the company’s stock worth $43,000 after acquiring an additional 2,534 shares during the last quarter. Finally, Tsfg LLC bought a new stake in shares of Permian Resources in the 1st quarter worth about $46,000. Institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Up 0.4%

NYSE:PR opened at $12.34 on Tuesday. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.33. 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 firm has a market cap of $9.88 billion, a P/E ratio of 8.01 and a beta of 1.32. The firm has a 50-day simple moving average of $13.35 and a 200-day simple moving average of $13.21.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, meeting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the previous year, the business posted $0.39 EPS. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. Equities analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th were issued a $0.15 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.9%. Permian Resources’s payout ratio is currently 38.96%.

Insider Activity

In other news, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total value of $67,398.03. Following the completion of the sale, the executive vice president owned 107,569 shares in the company, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on PR. William Blair began coverage on shares of Permian Resources in a report on Monday, August 25th. They issued an “outperform” rating for the company. UBS Group lifted their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, August 20th. Raymond James Financial decreased their price objective on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a report on Tuesday, September 2nd. Morgan Stanley lifted their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the company an “overweight” rating in a report on Monday, August 18th. Finally, TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a report on Monday, July 7th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $18.67.

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.