Arizona State Retirement System Boosts Holdings in Permian Resources Co. (NYSE:PR)

Arizona State Retirement System raised its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 16.1% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 173,135 shares of the company's stock after acquiring an additional 24,026 shares during the quarter. Arizona State Retirement System's holdings in Permian Resources were worth $2,490,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PR. Kingsview Wealth Management LLC bought a new position in Permian Resources in the fourth quarter worth approximately $632,000. Wright Investors Service Inc. purchased a new stake in shares of Permian Resources in the 4th quarter worth $498,000. Point72 Asset Management L.P. grew its position in shares of Permian Resources by 58.3% during the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock worth $74,811,000 after buying an additional 2,023,742 shares in the last quarter. South Street Advisors LLC purchased a new position in shares of Permian Resources during the third quarter valued at $7,142,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in shares of Permian Resources in the third quarter valued at about $556,000. Hedge funds and other institutional investors own 91.84% of the company's stock.

Insider Buying and Selling

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the business's stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the sale, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William J. Quinn bought 500,000 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, the director now owns 812,429 shares of the company's stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 18,446 shares of company stock valued at $269,731. 12.80% of the stock is owned by corporate insiders.

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Wall Street Analyst Weigh In

PR has been the topic of a number of research reports. Williams Trading set a $19.00 target price on shares of Permian Resources in a research report on Wednesday, March 5th. Morgan Stanley started coverage on shares of Permian Resources in a report on Friday, January 10th. They set an "overweight" rating and a $19.00 price objective on the stock. Piper Sandler lowered 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. Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and lifted their price target for the company from $17.00 to $20.00 in a report on Wednesday, March 5th. Finally, Truist Financial upped their price objective on Permian Resources from $20.00 to $23.00 and gave the stock a "buy" rating in a research note on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $19.29.

Permian Resources Price Performance

Shares of Permian Resources stock traded up $0.47 on Wednesday, hitting $13.33. The company's stock had a trading volume of 6,882,191 shares, compared to its average volume of 8,625,239. The company has a market capitalization of $10.71 billion, a price-to-earnings ratio of 8.08, a price-to-earnings-growth ratio of 4.05 and a beta of 4.30. The firm has a fifty day moving average price of $14.51 and a 200-day moving average price of $14.37. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a 1 year low of $11.84 and a 1 year high of $18.28.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be paid a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 4.50%. Permian Resources's dividend payout ratio is currently 41.96%.

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.