Public Employees Retirement System of Ohio Purchases 155,131 Shares of Permian Resources Co. (NYSE:PR)

Public Employees Retirement System of Ohio lifted its position in Permian Resources Co. (NYSE:PR) by 64.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 396,091 shares of the company’s stock after acquiring 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.

A number of other large investors have also recently made changes to their positions in the company. MML Investors Services LLC bought a new stake in Permian Resources in the third quarter worth about $586,000. Hodges Capital Management Inc. lifted its stake in shares of Permian Resources by 2.8% during the 3rd quarter. Hodges Capital Management Inc. now owns 1,579,891 shares of the company’s stock worth $21,502,000 after acquiring an additional 43,269 shares during the last quarter. First National Bank of Omaha purchased a new position in Permian Resources during the 3rd quarter valued at $1,913,000. Legacy Investment Solutions LLC bought a new position in Permian Resources in the 3rd quarter valued at $156,000. Finally, Orion Portfolio Solutions LLC increased its stake in Permian Resources by 80.4% in the third quarter. Orion Portfolio Solutions LLC now owns 149,335 shares of the company’s stock worth $2,032,000 after purchasing an additional 66,539 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Performance

PR stock opened at $14.68 on Friday. Permian Resources Co. has a one year low of $12.59 and a one year high of $18.28. The firm has a market cap of $11.79 billion, a price-to-earnings ratio of 8.90, a PEG ratio of 0.90 and a beta of 4.35. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The firm has a 50-day simple moving average of $14.67 and a two-hundred day simple moving average of $14.83.

Permian Resources (NYSE:PR) last posted its 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. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. During the same quarter in the prior year, the company posted $0.36 earnings per share. Permian Resources’s revenue for the quarter was up 60.3% compared to the same quarter last year. On average, equities analysts forecast that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.09%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources’s payout ratio is 36.36%.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. UBS Group lowered their target price on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Benchmark lowered their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. 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 target price on the stock. Susquehanna lowered their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Finally, JPMorgan Chase & Co. reduced their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $18.93.

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.