Barrow Hanley Mewhinney & Strauss LLC Acquires New Holdings in Permian Resources Co. (NYSE:PR)

Barrow Hanley Mewhinney & Strauss LLC bought a new position in Permian Resources Co. (NYSE:PR) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 30,019,205 shares of the company’s stock, valued at approximately $431,676,000. Permian Resources makes up approximately 1.5% of Barrow Hanley Mewhinney & Strauss LLC’s investment portfolio, making the stock its 25th biggest position. Barrow Hanley Mewhinney & Strauss LLC owned approximately 3.74% of Permian Resources at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PR. Principal Securities Inc. increased its position in Permian Resources by 73.6% during the 4th quarter. Principal Securities Inc. now owns 2,010 shares of the company’s stock valued at $29,000 after buying an additional 852 shares in the last quarter. ORG Wealth Partners LLC purchased a new stake in shares of Permian Resources during the fourth quarter worth about $31,000. Global Retirement Partners LLC increased its holdings in shares of Permian Resources by 98.4% during the fourth quarter. Global Retirement Partners LLC now owns 2,484 shares of the company’s stock valued at $36,000 after acquiring an additional 1,232 shares in the last quarter. Rakuten Securities Inc. raised its position in shares of Permian Resources by 1,152.5% in the 4th quarter. Rakuten Securities Inc. now owns 2,505 shares of the company’s stock valued at $36,000 after purchasing an additional 2,305 shares during the last quarter. Finally, Lindbrook Capital LLC boosted its stake in Permian Resources by 294.8% in the 4th quarter. Lindbrook Capital LLC now owns 2,886 shares of the company’s stock worth $42,000 after purchasing an additional 2,155 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Trading Down 1.6 %

PR stock opened at $13.73 on Friday. Permian Resources Co. has a 52-week low of $11.84 and a 52-week high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market cap of $11.03 billion, a P/E ratio of 8.32, a PEG ratio of 4.05 and a beta of 4.30. The company’s 50-day simple moving average is $14.14 and its 200-day simple moving average is $14.36.

Permian Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.37%. The ex-dividend date is Monday, March 17th. Permian Resources’s payout ratio is currently 41.96%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PR. Williams Trading set a $19.00 price target on shares of Permian Resources in a report on Wednesday, March 5th. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and lifted their price target for the stock from $17.00 to $20.00 in a research report on Wednesday, March 5th. Morgan Stanley cut their price objective on Permian Resources from $21.00 to $19.00 and set an “overweight” rating on the stock in a report on Thursday. Truist Financial lifted their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Finally, JPMorgan Chase & Co. cut their price target on shares of Permian Resources from $21.00 to $18.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.31.

Insider Activity

In other Permian Resources news, EVP John Charles Bell sold 2,804 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.03, for a total transaction of $39,340.12. Following the completion of the sale, the executive vice president now directly owns 74,433 shares in the company, valued at approximately $1,044,294.99. The trade was a 3.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William J. Quinn bought 500,000 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the transaction, the director now owns 812,429 shares of the company’s stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 18,446 shares of company stock worth $269,731 over the last three months. 12.80% of the stock is currently owned by corporate insiders.

Permian Resources Company 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.