Permian Resources Co. (NYSE:PR) Shares Acquired by Freedom Investment Management Inc.

Freedom Investment Management Inc. increased its position in shares of Permian Resources Co. (NYSE:PR) by 12.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 55,627 shares of the company’s stock after acquiring an additional 6,086 shares during the period. Freedom Investment Management Inc.’s holdings in Permian Resources were worth $757,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Lazard Asset Management LLC lifted its holdings in shares of Permian Resources by 21.8% in the first quarter. Lazard Asset Management LLC now owns 18,322 shares of the company’s stock valued at $323,000 after purchasing an additional 3,279 shares in the last quarter. Janus Henderson Group PLC grew its position in Permian Resources by 88.3% during the first quarter. Janus Henderson Group PLC now owns 330,382 shares of the company’s stock worth $5,833,000 after buying an additional 154,907 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Permian Resources by 11.2% during the 1st quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock worth $7,693,000 after purchasing an additional 43,901 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in 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 buying an additional 2,200 shares during the period. Finally, DekaBank Deutsche Girozentrale increased its stake in Permian Resources by 143.0% in the first quarter. DekaBank Deutsche Girozentrale now owns 5,893 shares of the company’s stock valued at $101,000 after acquiring an additional 3,468 shares during the period. 91.84% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on PR shares. Susquehanna lowered their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Wells Fargo & Company reduced their price objective on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Mizuho reduced their target price on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. UBS Group reduced their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Finally, Citigroup decreased their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Two 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 stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.93.

Insider Transactions at Permian Resources

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

Permian Resources Stock Performance

Shares of PR opened at $15.59 on Friday. The stock has a market capitalization of $12.52 billion, a price-to-earnings ratio of 9.45, a PEG ratio of 0.94 and a beta of 4.34. The firm has a fifty day simple moving average of $14.39 and a 200 day simple moving average of $14.92. 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 12 month low of $12.34 and a 12 month high of $18.28.

Permian Resources (NYSE:PR) last issued its 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 business had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same period in the previous year, the company earned $0.36 earnings per share. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. Research analysts forecast that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The company 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. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.85%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s dividend payout ratio (DPR) 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.