State of New Jersey Common Pension Fund D Buys 30,661 Shares of Permian Resources Corporation $PR

State of New Jersey Common Pension Fund D increased its stake in shares of Permian Resources Corporation (NYSE:PR) by 22.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 169,181 shares of the company’s stock after acquiring an additional 30,661 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Permian Resources were worth $2,304,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Nuveen LLC purchased a new position in shares of Permian Resources in the 1st quarter valued at approximately $175,525,000. Alyeska Investment Group L.P. raised its stake in Permian Resources by 300.3% during the first quarter. Alyeska Investment Group L.P. now owns 5,833,001 shares of the company’s stock valued at $80,787,000 after buying an additional 4,375,930 shares during the last quarter. Millennium Management LLC raised its stake in Permian Resources by 56.7% during the first quarter. Millennium Management LLC now owns 7,578,553 shares of the company’s stock valued at $104,963,000 after buying an additional 2,743,272 shares during the last quarter. Woodline Partners LP raised its stake in Permian Resources by 94.1% during the first quarter. Woodline Partners LP now owns 5,419,700 shares of the company’s stock valued at $75,063,000 after buying an additional 2,626,961 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Permian Resources by 19.4% during the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock valued at $195,276,000 after buying an additional 2,286,363 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $12.29 on Wednesday. The stock’s 50-day simple moving average is $13.24 and its 200-day simple moving average is $13.27. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33. The company has a market capitalization of $9.83 billion, a price-to-earnings ratio of 7.98 and a beta of 1.32. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting analysts’ consensus estimates of $0.27. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.39 earnings per share. As a group, analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date was Tuesday, September 16th. Permian Resources’s payout ratio is currently 38.96%.

Analyst Ratings Changes

A number of brokerages have issued reports on PR. Weiss Ratings cut Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday. Scotiabank started coverage on Permian Resources in a report on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 target price for the company. Wells Fargo & Company reduced their target price on Permian Resources from $21.00 to $16.00 and set an “overweight” rating for the company in a report on Friday, October 17th. Wall Street Zen lowered Permian Resources from a “hold” rating to a “sell” rating in a report on Saturday, August 9th. Finally, Raymond James Financial cut their price objective on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a report on Tuesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $18.73.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the sale, the executive vice president directly owned 107,569 shares of the company’s stock, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares in the company, valued at $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 12.80% of the stock is currently owned by insiders.

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.