Teacher Retirement System of Texas Cuts Stock Holdings in Permian Resources Corporation $PR

Teacher Retirement System of Texas reduced its stake in Permian Resources Corporation (NYSE:PR) by 28.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 140,313 shares of the company’s stock after selling 54,616 shares during the quarter. Teacher Retirement System of Texas’ holdings in Permian Resources were worth $1,796,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of the company. Universal Beteiligungs und Servicegesellschaft mbH raised its holdings in shares of Permian Resources by 101.0% in the third quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 540,618 shares of the company’s stock valued at $6,920,000 after purchasing an additional 271,668 shares during the last quarter. Inscription Capital LLC increased its stake in Permian Resources by 3.5% in the 3rd quarter. Inscription Capital LLC now owns 28,219 shares of the company’s stock valued at $361,000 after buying an additional 948 shares during the last quarter. Americana Partners LLC lifted its position in shares of Permian Resources by 29.4% during the 3rd quarter. Americana Partners LLC now owns 41,121 shares of the company’s stock worth $526,000 after buying an additional 9,345 shares in the last quarter. Arkadios Wealth Advisors grew its holdings in shares of Permian Resources by 68.2% in the third quarter. Arkadios Wealth Advisors now owns 19,220 shares of the company’s stock valued at $246,000 after acquiring an additional 7,796 shares in the last quarter. Finally, Verdence Capital Advisors LLC grew its holdings in shares of Permian Resources by 2.8% in the third quarter. Verdence Capital Advisors LLC now owns 337,257 shares of the company’s stock valued at $4,243,000 after acquiring an additional 9,248 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

Shares of PR stock opened at $16.12 on Friday. Permian Resources Corporation has a 12 month low of $10.01 and a 12 month high of $16.25. The stock has a market capitalization of $13.37 billion, a P/E ratio of 14.79 and a beta of 0.66. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. The firm’s 50 day moving average is $14.41 and its 200 day moving average is $13.70.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, November 5th. The company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.22). Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The company had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter in the prior year, the company earned $0.53 EPS. The company’s revenue was up 8.7% on a year-over-year basis. On average, sell-side analysts anticipate that Permian Resources Corporation will post 1.45 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Wednesday, December 17th. Permian Resources’s payout ratio is presently 55.05%.

Insider Buying and Selling at Permian Resources

In related news, CEO James H. Walter sold 467,700 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $6,374,751.00. Following the completion of the transaction, the chief executive officer owned 1,010,138 shares of the company’s stock, valued at approximately $13,768,180.94. The trade was a 31.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Charles Bell sold 106,399 shares of the company’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the sale, the executive vice president directly owned 376,442 shares in the company, valued at $5,130,904.46. This trade represents a 22.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 2,210,456 shares of company stock worth $30,231,728. 6.44% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Wells Fargo & Company boosted their price objective on Permian Resources from $16.00 to $17.00 and gave the stock an “overweight” rating in a research report on Tuesday. Royal Bank Of Canada increased their price target on shares of Permian Resources from $17.00 to $18.00 and gave the company an “outperform” rating in a research report on Thursday, October 9th. Piper Sandler lowered their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 18th. Susquehanna reduced their target price on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research report on Monday. Finally, The Goldman Sachs Group raised their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock a “buy” rating in a research note on Friday, November 14th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $18.71.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.