Public Employees Retirement System of Ohio Has $5.39 Million Stake in Permian Resources Co. (NYSE:PR)

Public Employees Retirement System of Ohio lifted its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 64.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 396,091 shares of the company's stock after purchasing an additional 155,131 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Permian Resources were worth $5,391,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Tributary Capital Management LLC lifted its stake in Permian Resources by 8,360.8% in the third quarter. Tributary Capital Management LLC now owns 51,357 shares of the company's stock valued at $699,000 after buying an additional 50,750 shares in the last quarter. Point72 Asset Management L.P. boosted its stake in Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock worth $74,811,000 after purchasing an additional 2,023,742 shares during the period. South Street Advisors LLC acquired a new position in Permian Resources in the 3rd quarter worth $7,142,000. Oppenheimer Asset Management Inc. bought a new position in Permian Resources during the 3rd quarter worth about $556,000. Finally, King Luther Capital Management Corp raised its stake in shares of Permian Resources by 8.3% in the 3rd quarter. King Luther Capital Management Corp now owns 5,234,447 shares of the company's stock valued at $71,241,000 after purchasing an additional 402,515 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. The Goldman Sachs Group started coverage on Permian Resources in a research report on Monday, September 30th. They set a "buy" rating and a $19.00 price objective for the company. Benchmark lowered their price objective on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, October 16th. Susquehanna reduced their target price on shares of Permian Resources from $16.00 to $15.00 and set a "neutral" rating for the company in a report on Wednesday, September 4th. Wells Fargo & Company reduced their price objective on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating for the company in a research note on Tuesday, October 1st. Finally, Truist Financial lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Permian Resources presently has an average rating of "Moderate Buy" and a consensus target price of $18.93.

Permian Resources Stock Performance

PR stock traded down $0.08 during midday trading on Friday, reaching $14.68. 4,620,246 shares of the company were exchanged, compared to its average volume of 7,307,127. The business has a 50-day moving average price of $14.67 and a two-hundred day moving average price of $14.82. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market capitalization of $11.79 billion, a price-to-earnings ratio of 8.90, a price-to-earnings-growth ratio of 0.88 and a beta of 4.35. Permian Resources Co. has a one year low of $12.59 and a one year high of $18.28.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating analysts' consensus estimates of $0.32 by $0.21. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. Permian Resources's quarterly revenue was up 60.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.36 EPS. Equities research analysts forecast that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a dividend of $0.15 per share. This is a boost from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a yield of 4.09%. The ex-dividend date was Thursday, November 14th. Permian Resources's dividend payout ratio (DPR) is presently 36.36%.

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.