Charles Schwab Investment Management Inc. Increases Stock Position in Permian Resources Co. (NYSE:PR)

Charles Schwab Investment Management Inc. increased its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 4.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,339,873 shares of the company's stock after acquiring an additional 176,320 shares during the period. Charles Schwab Investment Management Inc. owned about 0.54% of Permian Resources worth $62,407,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in PR. Kingsview Wealth Management LLC acquired a new stake in Permian Resources in the fourth quarter valued at approximately $632,000. Wright Investors Service Inc. acquired a new stake in Permian Resources in the fourth quarter valued at approximately $498,000. Point72 Asset Management L.P. lifted its holdings in shares of Permian Resources by 58.3% during the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock worth $74,811,000 after purchasing an additional 2,023,742 shares during the period. South Street Advisors LLC acquired a new position in shares of Permian Resources during the third quarter worth $7,142,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Permian Resources during the third quarter worth $556,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Buying and Selling

In related news, Director William J. Quinn purchased 500,000 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were purchased at an average price of $13.07 per share, with a total value of $6,535,000.00. Following the acquisition, the director now directly 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Charles Bell sold 2,804 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 74,433 shares in the company, valued at $1,044,294.99. The trade was a 3.63 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,446 shares of company stock valued at $269,731. Company insiders own 12.80% of the company's stock.

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Analyst Ratings Changes

A number of brokerages recently weighed in on PR. Williams Trading set a $19.00 target price on shares of Permian Resources in a research note on Wednesday, March 5th. Citigroup downgraded shares of Permian Resources from a "buy" rating to a "reduce" rating in a research note on Wednesday, March 5th. Piper Sandler lowered their target price on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. Susquehanna raised shares of Permian Resources from a "neutral" rating to a "positive" rating and lifted their target price for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. Finally, Morgan Stanley began coverage on shares of Permian Resources in a research note on Friday, January 10th. They set an "overweight" rating and a $19.00 target price for the company. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $19.35.

Permian Resources Stock Performance

Shares of NYSE PR traded up $0.70 during midday trading on Friday, hitting $13.63. The company's stock had a trading volume of 7,031,936 shares, compared to its average volume of 8,708,803. The stock has a fifty day moving average price of $14.42 and a 200 day moving average price of $14.34. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $10.95 billion, a price-to-earnings ratio of 8.26, a P/E/G ratio of 4.05 and a beta of 4.30. Permian Resources Co. has a one year low of $11.84 and a one year high of $18.28.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 17th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date of this dividend is Monday, March 17th. Permian Resources's dividend payout ratio (DPR) is presently 41.96%.

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.