State of New Jersey Common Pension Fund D Purchases 28,289 Shares of Permian Resources Co. (NASDAQ:PR)

State of New Jersey Common Pension Fund D increased its position in Permian Resources Co. (NASDAQ:PR) by 15.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 206,745 shares of the company’s stock after buying an additional 28,289 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Permian Resources were worth $2,812,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Arizona State Retirement System raised its position in Permian Resources by 1.5% in the 3rd quarter. Arizona State Retirement System now owns 71,590 shares of the company’s stock valued at $999,000 after buying an additional 1,041 shares during the last quarter. Orion Portfolio Solutions LLC raised its position in Permian Resources by 2.1% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 62,816 shares of the company’s stock valued at $877,000 after buying an additional 1,275 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in Permian Resources by 6.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 34,491 shares of the company’s stock valued at $481,000 after buying an additional 1,981 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Permian Resources by 6.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock valued at $471,000 after buying an additional 2,063 shares during the last quarter. Finally, Advisor Partners II LLC raised its position in Permian Resources by 2.2% in the 3rd quarter. Advisor Partners II LLC now owns 102,155 shares of the company’s stock valued at $1,426,000 after buying an additional 2,219 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Stifel Nicolaus raised their target price on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Piper Sandler raised their target price on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Truist Financial raised their target price on Permian Resources from $22.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, April 22nd. Raymond James assumed coverage on Permian Resources in a research report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 target price for the company. Finally, Bank of America began coverage on Permian Resources in a research report on Friday, January 5th. They set a “neutral” rating and a $15.00 target price for the company. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $19.31.

Insider Buying and Selling at Permian Resources

In other news, Director William J. Quinn sold 18,076,849 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the transaction, the director now owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director William J. Quinn sold 18,076,849 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total value of $283,987,297.79. Following the completion of the sale, the director now owns 71,056,620 shares in the company, valued at approximately $1,116,299,500.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the completion of the sale, the insider now owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 in the last quarter. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Trading Up 0.9 %

Shares of Permian Resources stock opened at $17.54 on Tuesday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market capitalization of $13.54 billion, a P/E ratio of 15.12 and a beta of 4.35. Permian Resources Co. has a 52-week low of $8.94 and a 52-week high of $18.28. The stock’s 50-day simple moving average is $16.75 and its 200 day simple moving average is $14.73.

Permian Resources (NASDAQ:PR) last posted its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. As a group, research analysts anticipate that Permian Resources Co. will post 1.66 EPS for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Shareholders of record on Wednesday, March 13th were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.14%. The ex-dividend date of this dividend was Tuesday, March 12th. Permian Resources’s payout ratio is presently 17.24%.

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.