MetLife Investment Management LLC Has $4.56 Million Stock Holdings in Permian Resources Co. (NYSE:PR)

MetLife Investment Management LLC boosted its position in shares of Permian Resources Co. (NYSE:PR) by 20.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 334,684 shares of the company’s stock after purchasing an additional 55,980 shares during the period. MetLife Investment Management LLC’s holdings in Permian Resources were worth $4,555,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. California State Teachers Retirement System lifted its stake in Permian Resources by 11.2% in the first quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock valued at $7,693,000 after acquiring an additional 43,901 shares during the last quarter. Teachers Retirement System of The State of Kentucky lifted its stake in shares of Permian Resources by 1.8% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 125,100 shares of the company’s stock valued at $2,209,000 after purchasing an additional 2,200 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in Permian Resources by 143.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 5,893 shares of the company’s stock worth $101,000 after purchasing an additional 3,468 shares in the last quarter. GAMMA Investing LLC increased its position in Permian Resources by 19.6% during the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after buying an additional 716 shares during the last quarter. Finally, First Hawaiian Bank raised its holdings in Permian Resources by 54.1% during the second quarter. First Hawaiian Bank now owns 80,532 shares of the company’s stock valued at $1,301,000 after buying an additional 28,285 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Insider Activity

In other news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This represents a 7.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Susquehanna lowered their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. JPMorgan Chase & Co. lowered their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Truist Financial boosted 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. Mizuho cut their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, Benchmark lowered their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and an average price target of $18.93.

Permian Resources Price Performance

Shares of NYSE:PR opened at $15.66 on Monday. The firm has a market capitalization of $12.58 billion, a PE ratio of 9.49, a PEG ratio of 0.94 and a beta of 4.34. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The business’s 50 day moving average is $14.45 and its 200-day moving average is $14.91.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping 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 firm had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the previous year, the company earned $0.36 earnings per share. The business’s revenue was up 60.3% compared to the same quarter last year. Sell-side analysts predict that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 3.83%. The ex-dividend date of this dividend was Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio is 36.36%.

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.