Geode Capital Management LLC Purchases 1,638,618 Shares of Permian Resources Co. (NYSE:PR)

Geode Capital Management LLC grew its stake in shares of Permian Resources Co. (NYSE:PR - Free Report) by 17.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,941,937 shares of the company's stock after purchasing an additional 1,638,618 shares during the quarter. Geode Capital Management LLC owned about 1.36% of Permian Resources worth $148,957,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PR. Bank of New York Mellon Corp increased its position in Permian Resources by 59.6% during the second quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock worth $194,585,000 after buying an additional 4,497,184 shares during the last quarter. Merewether Investment Management LP increased its holdings in shares of Permian Resources by 148.1% during the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company's stock worth $95,292,000 after acquiring an additional 3,522,300 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in shares of Permian Resources by 16,359.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company's stock worth $56,089,000 after acquiring an additional 3,451,923 shares during the last quarter. Yaupon Capital Management LP raised its stake in Permian Resources by 225.0% in the 3rd quarter. Yaupon Capital Management LP now owns 3,748,416 shares of the company's stock valued at $51,016,000 after acquiring an additional 2,595,137 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Permian Resources by 20.6% during the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company's stock valued at $147,107,000 after purchasing an additional 1,555,884 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of NYSE:PR traded down $0.18 during midday trading on Tuesday, hitting $13.97. The stock had a trading volume of 8,689,180 shares, compared to its average volume of 9,872,318. The company's 50-day moving average price is $14.65 and its 200-day moving average price is $14.79. Permian Resources Co. has a fifty-two week low of $12.59 and a fifty-two week high of $18.28. 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 $11.22 billion, a P/E ratio of 8.47, a price-to-earnings-growth ratio of 0.88 and a beta of 4.35.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, beating the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company's revenue was up 60.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.36 earnings per share. As a group, equities research analysts predict that Permian Resources Co. will post 1.47 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a dividend of $0.15 per share. This is an increase from Permian Resources's previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 4.29%. The ex-dividend date was Thursday, November 14th. Permian Resources's dividend payout ratio is currently 36.36%.

Analyst Ratings Changes

Several brokerages have recently weighed in on PR. UBS Group dropped their price objective on shares of Permian Resources from $19.00 to $18.00 and set a "buy" rating on the stock in a research report on Wednesday, September 18th. The Goldman Sachs Group assumed coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a "buy" rating and a $19.00 price target on the stock. Wells Fargo & Company reduced their price objective on Permian Resources from $22.00 to $21.00 and set an "overweight" rating for the company in a report on Tuesday, October 1st. Susquehanna lowered their target price on Permian Resources from $16.00 to $15.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 4th. Finally, Piper Sandler dropped their price target on Permian Resources from $21.00 to $20.00 and set an "overweight" rating for the company in a report on Tuesday. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Permian Resources currently has an average rating of "Moderate Buy" and a consensus price target of $18.87.

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.