Texas Permanent School Fund Corp Purchases 43,791 Shares of Permian Resources Co. (NASDAQ:PR)

Texas Permanent School Fund Corp lifted its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 12.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 402,837 shares of the company’s stock after buying an additional 43,791 shares during the period. Texas Permanent School Fund Corp owned approximately 0.05% of Permian Resources worth $7,114,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Comerica Bank boosted its stake in shares of Permian Resources by 110,645.5% during the 3rd quarter. Comerica Bank now owns 946,874 shares of the company’s stock worth $13,218,000 after acquiring an additional 946,019 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Permian Resources by 2.2% during the third quarter. American Century Companies Inc. now owns 1,409,529 shares of the company’s stock worth $19,677,000 after acquiring an additional 29,791 shares during the last quarter. Teachers Retirement System of The State of Kentucky bought a new position in shares of Permian Resources during the 3rd quarter valued at about $1,037,000. Vanguard Group Inc. grew its holdings in Permian Resources by 17.1% during the 3rd quarter. Vanguard Group Inc. now owns 28,467,963 shares of the company’s stock valued at $397,413,000 after buying an additional 4,148,519 shares in the last quarter. Finally, Optimum Investment Advisors bought a new stake in Permian Resources in the fourth quarter worth $50,000. Institutional investors own 91.84% of the company’s stock.

Wall Street Analysts Forecast Growth

PR has been the subject of several recent analyst reports. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price objective for the company in a research note on Wednesday, July 3rd. Bank of America reissued a “buy” rating and set a $20.00 price target on shares of Permian Resources in a research report on Friday, June 14th. Susquehanna increased their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, April 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Permian Resources in a research report on Thursday. Finally, JPMorgan Chase & Co. increased their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $20.57.

Insider Buying and Selling

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the completion of the transaction, the director now owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. 12.80% of the stock is currently owned by company insiders.

Permian Resources Price Performance

PR traded down $0.02 during trading on Friday, hitting $16.55. The company’s stock had a trading volume of 355,362 shares, compared to its average volume of 10,010,474. Permian Resources Co. has a twelve month low of $10.59 and a twelve month high of $18.28. The firm has a market capitalization of $12.74 billion, a price-to-earnings ratio of 15.05, a P/E/G ratio of 0.64 and a beta of 4.37. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42. The business’s fifty day simple moving average is $16.06 and its 200 day simple moving average is $15.59.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. The firm had revenue of $1.24 billion for the quarter, compared to analyst estimates of $1.17 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. On average, equities research analysts forecast that Permian Resources Co. will post 1.76 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.45%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Monday, May 20th. Permian Resources’s payout ratio is presently 21.82%.

About Permian Resources

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.