Permian Resources Corporation $PR Shares Purchased by Dimensional Fund Advisors LP

Key Points

• Dimensional Fund Advisors LP increased its stake in Permian Resources Corporation by 19.4%, owning 14,099,726 shares valued at approximately $195.28 million.
• Several large investors, including Barclays PLC and the Canada Pension Plan Investment Board, have significantly increased their holdings, with institutional investors owning 91.84% of Permian Resources.
• Permian Resources declared a quarterly dividend of $0.15 per share, representing a 4.5% annualized yield, with a payout ratio of 38.96%.

Dimensional Fund Advisors LP lifted its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 19.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,099,726 shares of the company's stock after buying an additional 2,286,363 shares during the period. Dimensional Fund Advisors LP owned approximately 1.75% of Permian Resources worth $195,276,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PR. Price T Rowe Associates Inc. MD lifted its holdings in Permian Resources by 60.4% in the fourth 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 period. Barrow Hanley Mewhinney & Strauss LLC purchased a new stake in Permian Resources during the fourth quarter worth $431,676,000. Nuveen LLC purchased a new stake in Permian Resources during the first quarter worth $175,525,000. Invesco Ltd. increased its holdings in Permian Resources by 8.9% in the first quarter. Invesco Ltd. now owns 8,622,575 shares of the company's stock valued at $119,423,000 after buying an additional 701,825 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in shares of Permian Resources by 9.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,364,652 shares of the company's stock worth $120,284,000 after acquiring an additional 709,923 shares during the period. Institutional investors and hedge funds own 91.84% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PR. Piper Sandler increased their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a report on Thursday, July 17th. Morgan Stanley upped their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a research report on Monday. Susquehanna boosted their price objective on Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research note on Wednesday, July 23rd. Bank of America boosted their price target on shares of Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Finally, TD Cowen raised Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $18.53.

Permian Resources Stock Up 4.7%

Permian Resources stock traded up $0.6150 during mid-day trading on Friday, reaching $13.7550. 7,540,539 shares of the company's stock were exchanged, compared to its average volume of 10,150,771. The company has a quick ratio of 0.63, a current ratio of 0.63 and a debt-to-equity ratio of 0.34. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.33. The company has a market cap of $11.01 billion, a P/E ratio of 8.93 and a beta of 1.32. The company has a fifty day moving average of $13.84 and a 200-day moving average of $13.33.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share for the quarter, hitting analysts' consensus estimates of $0.27. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The company's revenue was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.39 earnings per share. Sell-side analysts expect that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date of this dividend is Tuesday, September 16th. Permian Resources's payout ratio is 38.96%.

About Permian Resources

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.