California Public Employees Retirement System Decreases Stock Position in Permian Resources Co. (NYSE:PR)

California Public Employees Retirement System cut its position in Permian Resources Co. (NYSE:PR) by 5.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,037,356 shares of the company’s stock after selling 65,265 shares during the quarter. California Public Employees Retirement System’s holdings in Permian Resources were worth $14,917,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Principal Securities Inc. raised its stake in Permian Resources by 73.6% in the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after acquiring an additional 852 shares during the period. ORG Wealth Partners LLC purchased a new stake in shares of Permian Resources during the 4th quarter valued at approximately $31,000. Global Retirement Partners LLC boosted its holdings in Permian Resources by 98.4% in the 4th quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock worth $36,000 after buying an additional 1,232 shares during the period. Rakuten Securities Inc. grew its stake in Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after buying an additional 2,305 shares in the last quarter. Finally, Lindbrook Capital LLC lifted its position in shares of Permian Resources by 294.8% during the fourth quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock worth $42,000 after acquiring an additional 2,155 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 2,804 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.03, for a total transaction of $39,340.12. Following the transaction, the executive vice president now directly owns 74,433 shares in the company, valued at $1,044,294.99. This trade represents a 3.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Regan Shannon sold 2,731 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total value of $38,288.62. Following the completion of the sale, the chief accounting officer now owns 58,668 shares of the company’s stock, valued at $822,525.36. The trade was a 4.45 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,685 shares of company stock valued at $135,687. Insiders own 12.80% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PR shares. Williams Trading set a $19.00 price target on Permian Resources in a research report on Wednesday, March 5th. Piper Sandler reduced their target price on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Truist Financial raised their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Susquehanna raised shares of Permian Resources from a “neutral” rating to a “positive” rating and upped their target price for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. Finally, Morgan Stanley cut their price target on shares of Permian Resources from $21.00 to $19.00 and set an “overweight” rating for the company in a report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.13.

Permian Resources Stock Performance

NYSE:PR opened at $10.74 on Friday. The company has a market capitalization of $8.63 billion, a price-to-earnings ratio of 6.51, a PEG ratio of 4.05 and a beta of 4.30. The business has a 50 day moving average of $13.87 and a 200 day moving average of $14.34. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. Permian Resources Co. has a 1-year low of $10.62 and a 1-year high of $18.28.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.59%. Permian Resources’s dividend payout ratio (DPR) is 41.96%.

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.