California Public Employees Retirement System Has $14.92 Million Position in Permian Resources Co. (NYSE:PR)

California Public Employees Retirement System cut its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 5.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 1,037,356 shares of the company's stock after selling 65,265 shares during the quarter. California Public Employees Retirement System owned 0.13% of Permian Resources worth $14,917,000 as of its most recent filing with the SEC.

Several other large investors also recently bought and sold shares of the company. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Permian Resources during the fourth quarter worth about $431,676,000. Yaupon Capital Management LP boosted its holdings in Permian Resources by 225.0% in the third quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company's stock valued at $51,016,000 after acquiring an additional 2,595,137 shares during the last quarter. Perpetual Ltd purchased a new position in shares of Permian Resources in the 4th quarter worth about $27,104,000. Geode Capital Management LLC lifted its stake in shares of Permian Resources by 17.6% in the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock valued at $148,957,000 after purchasing an additional 1,638,618 shares in the last quarter. Finally, Jennison Associates LLC raised its holdings in Permian Resources by 19.8% in the fourth quarter. Jennison Associates LLC now owns 9,159,252 shares of the company's stock valued at $131,710,000 after buying an additional 1,511,923 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PR. Morgan Stanley dropped their target price on Permian Resources from $21.00 to $19.00 and set an "overweight" rating on the stock in a report on Thursday, March 27th. JPMorgan Chase & Co. decreased their price objective on shares of Permian Resources from $21.00 to $18.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Susquehanna raised Permian Resources from a "neutral" rating to a "positive" rating and lifted their target price for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Citigroup downgraded Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Finally, Williams Trading set a $19.00 price objective on Permian Resources in a report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $19.13.

Remove Ads

Insider Activity

In other news, EVP John Charles Bell sold 2,804 shares of the business's stock in a transaction 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 sale, the executive vice president now directly owns 74,433 shares of the company's stock, valued at $1,044,294.99. The trade was a 3.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Robert Regan Shannon sold 2,731 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the transaction, the chief accounting officer now directly owns 58,668 shares in the company, valued at approximately $822,525.36. This trade represents a 4.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,685 shares of company stock worth $135,687. Corporate insiders own 12.80% of the company's stock.

Permian Resources Price Performance

Shares of Permian Resources stock traded up $1.51 on Wednesday, hitting $11.87. The company had a trading volume of 19,018,921 shares, compared to its average volume of 9,589,920. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $18.28. The company has a market cap of $9.54 billion, a PE ratio of 7.19, a PEG ratio of 4.05 and a beta of 3.81. The business has a 50-day simple moving average of $13.49 and a 200-day simple moving average of $14.24. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 5.05%. The ex-dividend date was Monday, March 17th. Permian Resources's payout ratio is 41.96%.

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.