State of New Jersey Common Pension Fund D Cuts Holdings in Permian Resources Co. (NYSE:PR)

State of New Jersey Common Pension Fund D reduced its holdings in Permian Resources Co. (NYSE:PR) by 12.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 176,457 shares of the company’s stock after selling 24,761 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Permian Resources were worth $2,402,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Innealta Capital LLC purchased a new position in Permian Resources in the second quarter valued at about $30,000. Hexagon Capital Partners LLC increased its stake in Permian Resources by 28,542.9% in the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock valued at $27,000 after purchasing an additional 1,998 shares in the last quarter. Transcendent Capital Group LLC acquired a new position in Permian Resources during the first quarter worth $36,000. Gilliland Jeter Wealth Management LLC purchased a new stake in Permian Resources during the second quarter worth $40,000. Finally, UMB Bank n.a. grew its holdings in Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after purchasing an additional 1,390 shares during the last quarter. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Trading Down 0.4 %

NYSE PR opened at $15.13 on Thursday. The company has a market cap of $12.14 billion, a P/E ratio of 9.17, a P/E/G ratio of 0.91 and a beta of 4.34. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The company has a 50-day moving average of $13.97 and a 200-day moving average of $15.03.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the prior year, the business posted $0.36 earnings per share. Permian Resources’s revenue for the quarter was up 60.3% compared to the same quarter last year. As a group, equities analysts predict that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date is Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is 14.55%.

Insiders Place Their Bets

In related news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

PR has been the subject of several research reports. Wells Fargo & Company cut their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. UBS Group reduced their price target on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Piper Sandler dropped their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Wolfe Research assumed coverage on Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Finally, JPMorgan Chase & Co. dropped their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.87.

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.