Public Employees Retirement System of Ohio Makes New Investment in Permian Resources Corporation $PR

Public Employees Retirement System of Ohio bought a new stake in Permian Resources Corporation (NYSE:PR) during the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 487,999 shares of the company’s stock, valued at approximately $8,984,000.

Other large investors have also made changes to their positions in the company. Bank of New York Mellon Corp lifted its position in Permian Resources by 115.5% during the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock worth $352,906,000 after buying an additional 13,483,136 shares in the last quarter. Boston Partners increased its position in Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock valued at $222,099,000 after acquiring an additional 7,503,654 shares in the last quarter. Millennium Management LLC raised its stake in shares of Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after acquiring an additional 6,678,814 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in shares of Permian Resources in the first quarter worth about $121,041,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after purchasing an additional 4,533,732 shares in the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 2.8%

Shares of NYSE:PR opened at $23.34 on Tuesday. Permian Resources Corporation has a one year low of $11.92 and a one year high of $24.09. The company has a 50 day moving average of $20.62 and a 200-day moving average of $20.02. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The stock has a market cap of $19.55 billion, a price-to-earnings ratio of 15.46 and a beta of 0.47.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the business posted $0.28 earnings per share. Permian Resources’s revenue was up 55.1% compared to the same quarter last year. On average, sell-side analysts forecast that Permian Resources Corporation will post 2.24 earnings per share for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Wednesday, September 16th will be given a dividend of $0.16 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 annualized dividend and a dividend yield of 2.7%. Permian Resources’s payout ratio is presently 42.38%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on PR shares. Mizuho raised shares of Permian Resources to a “strong-buy” rating in a research note on Friday, July 31st. Morgan Stanley reaffirmed an “overweight” rating on shares of Permian Resources in a report on Wednesday, August 19th. Roth Capital set a $23.00 price objective on Permian Resources and gave the company a “buy” rating in a research report on Monday, June 22nd. UBS Group decreased their price objective on Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday, July 17th. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $29.00 target price on shares of Permian Resources in a research note on Thursday. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $23.65.

Permian Resources Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.