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

State of New Jersey Common Pension Fund D boosted its holdings in shares of Permian Resources Co. (NASDAQ:PR) by 15.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 206,745 shares of the company’s stock after purchasing an additional 28,289 shares during the period. 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 hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue acquired a new stake in shares of Permian Resources during the third quarter worth approximately $460,000. Commonwealth Equity Services LLC increased its holdings in shares of Permian Resources by 12.4% during the third quarter. Commonwealth Equity Services LLC now owns 23,356 shares of the company’s stock worth $326,000 after buying an additional 2,582 shares in the last quarter. Xponance Inc. increased its holdings in shares of Permian Resources by 157.3% during the third quarter. Xponance Inc. now owns 38,530 shares of the company’s stock worth $538,000 after buying an additional 23,555 shares in the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Permian Resources by 6.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock worth $471,000 after buying an additional 2,063 shares in the last quarter. Finally, Affinity Wealth Management LLC increased its holdings in shares of Permian Resources by 9.5% during the third quarter. Affinity Wealth Management LLC now owns 292,034 shares of the company’s stock worth $4,077,000 after buying an additional 25,343 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PR. Wells Fargo & Company raised their price objective on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Susquehanna raised their price target on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, April 22nd. Bank of America assumed coverage on shares of Permian Resources in a report on Friday, January 5th. They issued a “neutral” rating and a $15.00 price target for the company. Piper Sandler raised their price target on shares of Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Finally, Stifel Nicolaus raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $19.31.

Insider Transactions at Permian Resources

In other news, CAO Brent P. Jensen sold 203,687 shares of Permian Resources stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the sale, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William J. Quinn sold 18,076,849 shares of the business’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the sale, the director now directly owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock valued at $516,796,999 over the last three months. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Price Performance

PR opened at $17.54 on Tuesday. The company has a fifty day moving average price of $16.75 and a two-hundred day moving average price of $14.73. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.52 and a current ratio of 0.52. Permian Resources Co. has a 52 week low of $8.94 and a 52 week high of $18.28. The firm has a market capitalization of $13.54 billion, a PE ratio of 15.12 and a beta of 4.35.

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

Permian Resources Dividend Announcement

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