Louisiana State Employees Retirement System Takes $1.59 Million Position in Permian Resources Co. (NASDAQ:PR)

Louisiana State Employees Retirement System bought a new position in Permian Resources Co. (NASDAQ:PR) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 116,700 shares of the company’s stock, valued at approximately $1,587,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. The Manufacturers Life Insurance Company boosted its holdings in shares of Permian Resources by 1.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 84,718 shares of the company’s stock worth $796,000 after buying an additional 972 shares during the period. Arizona State Retirement System boosted its holdings in shares of Permian Resources by 1.5% during the third quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock worth $999,000 after purchasing an additional 1,041 shares during the period. Orion Portfolio Solutions LLC boosted its holdings in shares of Permian Resources by 2.1% during the third quarter. Orion Portfolio Solutions LLC now owns 62,816 shares of the company’s stock worth $877,000 after purchasing an additional 1,275 shares during the period. Delphia USA Inc. boosted its holdings in shares of Permian Resources by 6.0% during the first quarter. Delphia USA Inc. now owns 33,303 shares of the company’s stock worth $350,000 after purchasing an additional 1,897 shares during the period. Finally, Commonwealth Equity Services LLC boosted its holdings in shares of Permian Resources by 10.3% during the first quarter. Commonwealth Equity Services LLC now owns 20,431 shares of the company’s stock worth $214,000 after purchasing an additional 1,906 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the transaction, the insider now owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Robert John Anderson sold 1,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the transaction, the director now owns 476,306 shares of the company’s stock, valued at $7,482,767.26. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock valued at $516,796,999 over the last 90 days. 23.14% of the stock is currently owned by company insiders.

Permian Resources Trading Down 0.6 %

NASDAQ:PR opened at $17.08 on Friday. Permian Resources Co. has a 12 month low of $8.94 and a 12 month high of $18.28. The firm has a market cap of $13.18 billion, a price-to-earnings ratio of 13.02 and a beta of 4.35. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The company’s 50 day moving average is $16.38 and its 200-day moving average is $14.55.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The company had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. Equities analysts anticipate that Permian Resources Co. will post 1.71 EPS for the current year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s dividend payout ratio is 17.24%.

Analysts Set New Price Targets

PR has been the subject of several research reports. JPMorgan Chase & Co. raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Raymond James initiated coverage on shares of Permian Resources in a report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price target for the company. Wells Fargo & Company raised their price target on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday. Piper Sandler raised their price target on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a research report on Friday, April 12th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $19.08.

Permian Resources Company 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.