Barrow Hanley Mewhinney & Strauss LLC Trims Stake in Permian Resources Corporation $PR

Barrow Hanley Mewhinney & Strauss LLC cut its holdings in Permian Resources Corporation (NYSE:PR) by 1.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 31,410,486 shares of the company’s stock after selling 423,312 shares during the period. Barrow Hanley Mewhinney & Strauss LLC owned 3.92% of Permian Resources worth $402,054,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of PR. Farther Finance Advisors LLC raised its holdings in Permian Resources by 114.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,965 shares of the company’s stock worth $25,000 after purchasing an additional 1,047 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Permian Resources by 154.4% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 2,292 shares of the company’s stock valued at $31,000 after purchasing an additional 1,391 shares during the period. Parkside Financial Bank & Trust increased its position in Permian Resources by 90.8% in the second quarter. Parkside Financial Bank & Trust now owns 2,852 shares of the company’s stock worth $39,000 after buying an additional 1,357 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Permian Resources by 340.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after buying an additional 3,224 shares in the last quarter. Finally, Allworth Financial LP raised its stake in shares of Permian Resources by 162.4% in the second quarter. Allworth Financial LP now owns 5,430 shares of the company’s stock worth $74,000 after buying an additional 3,361 shares during the period. Institutional investors own 91.84% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Mizuho boosted their price objective on Permian Resources from $19.00 to $21.00 and gave the company an “outperform” rating in a research note on Friday, December 12th. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 15th. Susquehanna dropped their price target on shares of Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a research report on Monday, January 26th. Piper Sandler increased their price objective on shares of Permian Resources from $20.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, March 5th. Finally, Weiss Ratings upgraded shares of Permian Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Permian Resources has an average rating of “Moderate Buy” and a consensus price target of $19.69.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 158,385 shares of Permian Resources stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $18.39, for a total value of $2,912,700.15. Following the completion of the transaction, the executive vice president owned 1,567,172 shares in the company, valued at approximately $28,820,293.08. The trade was a 9.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William M. Hickey III sold 898,423 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $16,513,014.74. Following the transaction, the chief executive officer directly owned 9,389,405 shares in the company, valued at approximately $172,577,263.90. This represents a 8.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 3,965,093 shares of company stock valued at $62,487,101 in the last quarter. 12.80% of the stock is currently owned by insiders.

Permian Resources Trading Down 2.3%

Shares of PR opened at $18.73 on Wednesday. The stock has a market capitalization of $15.53 billion, a PE ratio of 14.98 and a beta of 0.66. The company’s fifty day moving average is $16.19 and its 200 day moving average is $14.47. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.78 and a current ratio of 0.78. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $19.43.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the business earned $0.36 earnings per share. Permian Resources’s quarterly revenue was down 9.8% compared to the same quarter last year. Sell-side analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 17th will be given a $0.16 dividend. This is an increase from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 3.4%. The ex-dividend date is Tuesday, March 17th. Permian Resources’s dividend payout ratio (DPR) is 48.00%.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.