Teachers Retirement System of The State of Kentucky Has $1.67 Million Stock Position in Permian Resources Co. (NASDAQ:PR)

Teachers Retirement System of The State of Kentucky boosted its position in Permian Resources Co. (NASDAQ:PR) by 65.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 122,900 shares of the company’s stock after purchasing an additional 48,600 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Permian Resources were worth $1,671,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. DRW Securities LLC bought a new stake in shares of Permian Resources in the 4th quarter valued at about $1,904,000. OnyxPoint Global Management LP purchased a new stake in shares of Permian Resources during the fourth quarter valued at approximately $114,159,000. Palo Duro Investment Partners LP increased its position in shares of Permian Resources by 7.4% during the fourth quarter. Palo Duro Investment Partners LP now owns 4,255,350 shares of the company’s stock valued at $57,873,000 after acquiring an additional 292,922 shares during the last quarter. HITE Hedge Asset Management LLC increased its position in shares of Permian Resources by 293.8% during the fourth quarter. HITE Hedge Asset Management LLC now owns 1,079,247 shares of the company’s stock valued at $14,678,000 after acquiring an additional 805,210 shares during the last quarter. Finally, Cobalt Capital Management Inc. grew its holdings in Permian Resources by 272.5% during the fourth quarter. Cobalt Capital Management Inc. now owns 745,000 shares of the company’s stock valued at $10,132,000 after purchasing an additional 545,000 shares during the period. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Buying and Selling

In other news, Director Jeffrey Tepper sold 65,000 shares of the stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the transaction, the director now directly owns 158,665 shares of the company’s stock, valued at approximately $2,605,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 12.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

PR has been the subject of several research reports. Stifel Nicolaus increased their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a report on Friday, March 22nd. UBS Group raised Permian Resources from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $20.00 to $21.00 in a research note on Friday, June 14th. Mizuho raised their price target on Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Wells Fargo & Company raised their price target on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research report on Wednesday, April 17th. Finally, Benchmark reiterated a “buy” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Tuesday, April 23rd. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $20.31.

Permian Resources Stock Performance

Permian Resources stock opened at $15.41 on Friday. The stock’s 50 day simple moving average is $16.36 and its two-hundred day simple moving average is $15.29. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.55 and a current ratio of 0.55. The stock has a market cap of $11.86 billion, a price-to-earnings ratio of 14.01, a PEG ratio of 0.60 and a beta of 4.26. Permian Resources Co. has a fifty-two week low of $9.94 and a fifty-two week high of $18.28.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. As a group, analysts expect that Permian Resources Co. will post 1.78 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were issued a $0.06 dividend. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date was Monday, May 20th. Permian Resources’s payout ratio is presently 21.82%.

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.