Retirement Systems of Alabama Increases Holdings in Permian Resources Co. (NYSE:PR)

Retirement Systems of Alabama grew its position in Permian Resources Co. (NYSE:PR - Free Report) by 21.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 770,883 shares of the company's stock after purchasing an additional 136,971 shares during the period. Retirement Systems of Alabama owned about 0.10% of Permian Resources worth $10,492,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Hexagon Capital Partners LLC grew its holdings in Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock worth $27,000 after acquiring an additional 1,998 shares during the period. Innealta Capital LLC bought a new stake in Permian Resources in the second quarter valued at approximately $30,000. UMB Bank n.a. increased its position in shares of Permian Resources by 99.2% in the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock valued at $38,000 after buying an additional 1,390 shares in the last quarter. Gilliland Jeter Wealth Management LLC acquired a new stake in Permian Resources during the 2nd quarter worth $40,000. Finally, Sunbelt Securities Inc. lifted its holdings in Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock worth $43,000 after acquiring an additional 800 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Analyst Upgrades and Downgrades

PR has been the topic of several recent analyst reports. Wells Fargo & Company lowered their price objective on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 1st. Benchmark lowered their target price 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. Royal Bank of Canada reiterated an "outperform" rating and set a $17.00 target price on shares of Permian Resources in a research report on Monday, October 14th. Truist Financial increased their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, November 8th. Finally, The Goldman Sachs Group began coverage on shares of Permian Resources in a research report on Monday, September 30th. They set a "buy" rating and a $19.00 price target on the stock. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $18.87.

Permian Resources Trading Down 1.3 %

PR stock traded down $0.18 during mid-day trading on Tuesday, reaching $13.97. The company's stock had a trading volume of 8,689,180 shares, compared to its average volume of 9,872,318. The company has a market cap of $11.22 billion, a price-to-earnings ratio of 8.47, a price-to-earnings-growth ratio of 0.88 and a beta of 4.35. Permian Resources Co. has a 12 month low of $12.59 and a 12 month high of $18.28. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The business's 50 day moving average price is $14.65 and its 200 day moving average price is $14.79.

Permian Resources (NYSE:PR - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources's quarterly revenue was up 60.3% compared to the same quarter last year. During the same period last year, the business earned $0.36 EPS. On average, equities research analysts predict that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.29%. This is a boost from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. Permian Resources's payout ratio 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.