Mutual of America Capital Management LLC Raises Stock Holdings in Permian Resources Corporation $PR

Mutual of America Capital Management LLC lifted its holdings in Permian Resources Corporation (NYSE:PR) by 0.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 780,719 shares of the company’s stock after buying an additional 6,745 shares during the quarter. Mutual of America Capital Management LLC owned approximately 0.10% of Permian Resources worth $10,641,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Dimensional Fund Advisors LP raised its holdings in shares of Permian Resources by 19.4% in the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company’s stock worth $195,276,000 after buying an additional 2,286,363 shares during the period. Nuveen LLC purchased a new stake in shares of Permian Resources in the first quarter worth approximately $175,525,000. Invesco Ltd. raised its holdings in shares of Permian Resources by 8.9% in the first quarter. Invesco Ltd. now owns 8,622,575 shares of the company’s stock worth $119,423,000 after buying an additional 701,825 shares during the period. Millennium Management LLC raised its holdings in shares of Permian Resources by 56.7% in the first quarter. Millennium Management LLC now owns 7,578,553 shares of the company’s stock worth $104,963,000 after buying an additional 2,743,272 shares during the period. Finally, Principal Financial Group Inc. raised its holdings in shares of Permian Resources by 33.1% in the first quarter. Principal Financial Group Inc. now owns 6,620,604 shares of the company’s stock worth $91,695,000 after buying an additional 1,647,487 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Morgan Stanley increased their price target on Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. William Blair initiated coverage on Permian Resources in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Wells Fargo & Company dropped their price objective on Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research note on Friday. Wall Street Zen cut Permian Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Finally, Scotiabank initiated coverage on Permian Resources in a research note on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $18.67.

Permian Resources Stock Up 1.6%

Shares of NYSE PR opened at $12.28 on Monday. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $9.83 billion, a PE ratio of 7.98 and a beta of 1.32. The stock’s fifty day simple moving average is $13.36 and its two-hundred day simple moving average is $13.20. Permian Resources Corporation has a 12-month low of $10.01 and a 12-month high of $16.33.

Permian Resources (NYSE:PR) last announced its earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. The business had revenue of $1.20 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The business’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.39 EPS. As a group, analysts expect that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 16th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 4.9%. The ex-dividend date of this dividend was Tuesday, September 16th. Permian Resources’s dividend payout ratio is currently 38.96%.

Insider Activity

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the sale, the executive vice president owned 91,805 shares of the company’s stock, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the sale, the executive vice president directly owned 107,569 shares of the company’s stock, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

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.