Louisiana State Employees Retirement System Raises Holdings in Permian Resources Co. (NASDAQ:PR)

Louisiana State Employees Retirement System grew its position in shares of Permian Resources Co. (NASDAQ:PR) by 11.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 145,300 shares of the company’s stock after buying an additional 15,400 shares during the period. Louisiana State Employees Retirement System’s holdings in Permian Resources were worth $2,347,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Global Retirement Partners LLC bought a new stake in Permian Resources during the first quarter valued at approximately $25,000. YHB Investment Advisors Inc. purchased a new position in shares of Permian Resources in the first quarter worth $26,000. Rise Advisors LLC purchased a new position in Permian Resources during the 1st quarter valued at $32,000. Transcendent Capital Group LLC purchased a new position in Permian Resources during the 1st quarter valued at $36,000. Finally, Parallel Advisors LLC boosted its holdings in shares of Permian Resources by 117.0% during the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after buying an additional 1,178 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 2.3 %

PR stock traded up $0.32 during trading on Friday, reaching $14.49. 2,555,457 shares of the company traded hands, compared to its average volume of 10,125,677. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The business has a 50 day simple moving average of $15.43 and a 200 day simple moving average of $15.95. The company has a market capitalization of $11.16 billion, a price-to-earnings ratio of 13.05, a price-to-earnings-growth ratio of 0.60 and a beta of 4.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.38 by $0.01. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The company’s quarterly revenue was up 99.9% on a year-over-year basis. During the same quarter last year, the company earned $0.27 earnings per share. On average, equities research analysts anticipate that Permian Resources Co. will post 1.66 earnings per share for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.66%. The ex-dividend date is Monday, August 19th. Permian Resources’s dividend payout ratio is presently 21.82%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Truist Financial boosted their target price on shares of Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Piper Sandler dropped their price target on shares of Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Wolfe Research began coverage on shares of Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Benchmark reiterated a “buy” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Wednesday, August 7th. Finally, Mizuho boosted their target price on Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

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.