Barrow Hanley Mewhinney & Strauss LLC Buys Shares of 30,019,205 Permian Resources Co. (NYSE:PR)

Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Permian Resources Co. (NYSE:PR - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 30,019,205 shares of the company's stock, valued at approximately $431,676,000. Permian Resources comprises 1.5% of Barrow Hanley Mewhinney & Strauss LLC's investment portfolio, making the stock its 26th biggest position. Barrow Hanley Mewhinney & Strauss LLC owned 3.74% of Permian Resources as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Permian Resources by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 65,680,607 shares of the company's stock worth $944,487,000 after buying an additional 870,622 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Permian Resources by 60.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 32,674,171 shares of the company's stock valued at $469,856,000 after acquiring an additional 12,306,854 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Permian Resources by 1.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 18,442,921 shares of the company's stock valued at $265,209,000 after acquiring an additional 291,444 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Permian Resources by 7.2% in the fourth quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock worth $196,025,000 after acquiring an additional 909,740 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Permian Resources by 55.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after purchasing an additional 4,236,141 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on PR. The Goldman Sachs Group raised their target price on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Friday, May 16th. Citigroup cut Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price target on Permian Resources from $21.00 to $18.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. UBS Group lifted their price objective on Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a report on Monday, May 12th. Finally, Williams Trading set a $19.00 target price on Permian Resources in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.63.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 2,804 shares of the stock in a transaction dated 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 owns 74,433 shares in the company, valued at approximately $1,044,294.99. This trade represents a 3.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William J. Quinn bought 500,000 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The shares were acquired at an average cost of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. This trade represents a 160.04% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 9,685 shares of company stock worth $135,687. 6.44% of the stock is owned by corporate insiders.

Permian Resources Stock Down 0.8%

NYSE PR opened at $12.86 on Friday. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $16.95. 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 company has a market capitalization of $10.33 billion, a P/E ratio of 7.79, a price-to-earnings-growth ratio of 4.05 and a beta of 1.20. The stock's 50-day moving average price is $12.56 and its 200-day moving average price is $13.89.

Permian Resources (NYSE:PR - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.38 billion for the quarter, compared to the consensus estimate of $1.37 billion. During the same quarter in the previous year, the business posted $0.25 EPS. Permian Resources's revenue was up 10.7% on a year-over-year basis. On average, equities research analysts predict that Permian Resources Co. will post 1.45 earnings per share for the current year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 16th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, June 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.67%. Permian Resources's payout ratio is 37.04%.

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.

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