Charles Schwab Investment Management Inc. Acquires 457,478 Shares of Permian Resources Co. (NYSE:PR)

Charles Schwab Investment Management Inc. raised its stake in Permian Resources Co. (NYSE:PR - Free Report) by 12.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,163,553 shares of the company's stock after acquiring an additional 457,478 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.52% of Permian Resources worth $56,666,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Hexagon Capital Partners LLC lifted its stake in shares of Permian Resources by 28,542.9% during the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock valued at $27,000 after acquiring an additional 1,998 shares during the period. Innealta Capital LLC bought a new stake in Permian Resources during the 2nd quarter worth about $30,000. UMB Bank n.a. lifted its position in Permian Resources by 99.2% during the 3rd quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock valued at $38,000 after purchasing an additional 1,390 shares during the period. Gilliland Jeter Wealth Management LLC bought a new position in shares of Permian Resources in the 2nd quarter valued at about $40,000. Finally, Blue Trust Inc. grew its position in shares of Permian Resources by 399.5% during the 3rd quarter. Blue Trust Inc. now owns 3,287 shares of the company's stock worth $45,000 after buying an additional 2,629 shares during the period. 91.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PR has been the topic of several analyst reports. Royal Bank of Canada restated an "outperform" rating and issued a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Mizuho reduced their price target on Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Monday, September 16th. Citigroup decreased their price objective on Permian Resources from $20.00 to $18.00 and set a "buy" rating for the company in a research note on Friday, August 9th. Piper Sandler increased their target price on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research note on Monday, November 18th. Finally, Susquehanna cut their price target on shares of Permian Resources from $16.00 to $15.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 4th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Permian Resources has a consensus rating of "Moderate Buy" and a consensus price target of $18.93.

Permian Resources Stock Up 0.4 %

Shares of PR traded up $0.07 during midday trading on Friday, hitting $15.66. The stock had a trading volume of 2,105,405 shares, compared to its average volume of 8,407,158. The firm has a market cap of $12.58 billion, a price-to-earnings ratio of 9.49, a price-to-earnings-growth ratio of 0.94 and a beta of 4.34. The company has a 50 day simple moving average of $14.45 and a two-hundred day simple moving average of $14.91. Permian Resources Co. has a twelve month low of $12.34 and a twelve month high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources (NYSE:PR - Get Free Report) last announced its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter last year, the firm earned $0.36 EPS. Permian Resources's revenue for the quarter was up 60.3% compared to the same quarter last year. On average, analysts anticipate that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were issued a dividend of $0.15 per share. This is a boost from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 3.83%. Permian Resources's dividend payout ratio is presently 36.36%.

Insider Activity at Permian Resources

In other news, CAO Robert Regan Shannon sold 4,822 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. This represents a 7.28 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP John Charles Bell sold 4,821 shares of the firm's stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares of the company's stock, valued at $1,075,911.41. This represents a 5.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

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.