Freestone Grove Partners LP Purchases New Shares in Permian Resources Co. (NYSE:PR)

Freestone Grove Partners LP bought a new stake in Permian Resources Co. (NYSE:PR - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 3,971,739 shares of the company's stock, valued at approximately $57,114,000. Freestone Grove Partners LP owned about 0.49% of Permian Resources as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC acquired a new position in Permian Resources in the 4th quarter valued at approximately $431,676,000. Price T Rowe Associates Inc. MD increased its holdings in Permian Resources by 60.4% in 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 buying an additional 12,306,854 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Permian Resources by 55.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,813,363 shares of the company's stock valued at $169,864,000 after buying an additional 4,236,141 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Permian Resources by 56.1% during the 4th quarter. Invesco Ltd. now owns 7,920,750 shares of the company's stock worth $113,900,000 after acquiring an additional 2,845,449 shares during the period. Finally, Perpetual Ltd acquired a new stake in shares of Permian Resources during the 4th quarter valued at about $27,104,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Permian Resources Trading Up 1.8 %

PR traded up $0.21 during mid-day trading on Tuesday, reaching $12.09. The stock had a trading volume of 4,250,428 shares, compared to its average volume of 9,783,639. The stock has a market capitalization of $9.72 billion, a P/E ratio of 7.35, a P/E/G ratio of 4.05 and a beta of 1.20. Permian Resources Co. has a 52 week low of $10.01 and a 52 week high of $17.62. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The firm's fifty day simple moving average is $12.55 and its two-hundred day simple moving average is $13.95.

Permian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 4.96%. Permian Resources's dividend payout ratio is currently 41.96%.

Insider Buying and Selling at Permian Resources

In related news, EVP John Charles Bell sold 2,804 shares of Permian Resources stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $14.03, for a total transaction of $39,340.12. Following the transaction, the executive vice president now owns 74,433 shares of the company's stock, valued at $1,044,294.99. This trade represents a 3.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Robert Regan Shannon sold 2,731 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $14.02, for a total transaction of $38,288.62. Following the completion of the sale, the chief accounting officer now owns 58,668 shares of the company's stock, valued at approximately $822,525.36. This represents a 4.45 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 9,685 shares of company stock worth $135,687. Company insiders own 6.44% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Bank of America cut their price target on shares of Permian Resources from $19.00 to $17.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Truist Financial boosted their price target on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research note on Monday, January 13th. Susquehanna dropped their price objective on Permian Resources from $20.00 to $19.00 and set a "positive" rating for the company in a research note on Tuesday, April 22nd. Piper Sandler reduced their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. Finally, Morgan Stanley dropped their target price on shares of Permian Resources from $21.00 to $19.00 and set an "overweight" rating for the company in a research report on Thursday, March 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.67.

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.