Freedom Investment Management Inc. Has $757,000 Stock Holdings in Permian Resources Co. (NYSE:PR)

Freedom Investment Management Inc. raised its stake in Permian Resources Co. (NYSE:PR) by 12.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 55,627 shares of the company’s stock after buying an additional 6,086 shares during the period. Freedom Investment Management Inc.’s holdings in Permian Resources were worth $757,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. California State Teachers Retirement System boosted its position in Permian Resources by 11.2% during the first quarter. California State Teachers Retirement System now owns 435,627 shares of the company’s stock valued at $7,693,000 after acquiring an additional 43,901 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Permian Resources by 88.3% during the first quarter. Janus Henderson Group PLC now owns 330,382 shares of the company’s stock worth $5,833,000 after buying an additional 154,907 shares during the last quarter. Tributary Capital Management LLC lifted its position in Permian Resources by 8,360.8% in the 3rd quarter. Tributary Capital Management LLC now owns 51,357 shares of the company’s stock valued at $699,000 after acquiring an additional 50,750 shares in the last quarter. South Street Advisors LLC bought a new position in shares of Permian Resources in the third quarter valued at approximately $7,142,000. Finally, Oppenheimer Asset Management Inc. purchased a new position in Permian Resources during the 3rd quarter worth $556,000. 91.84% of the stock is currently owned by institutional investors.

Insider Transactions at Permian Resources

In related news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This trade represents a 5.88 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Susquehanna decreased their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. JPMorgan Chase & Co. decreased their price target on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Truist Financial boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Mizuho decreased their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 16th. Finally, Citigroup cut their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Stock Performance

Shares of PR stock opened at $15.59 on Friday. Permian Resources Co. has a 12 month low of $12.34 and a 12 month high of $18.28. The stock has a market capitalization of $12.52 billion, a P/E ratio of 9.45, a PEG ratio of 0.94 and a beta of 4.34. 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’s 50 day moving average is $14.39 and its 200 day moving average is $14.92.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping 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 firm had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. During the same period last year, the company earned $0.36 earnings per share. The business’s revenue for the quarter was up 60.3% on a year-over-year basis. On average, sell-side analysts anticipate that Permian Resources Co. will post 1.47 earnings per share for the current year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 annualized dividend and a dividend yield of 3.85%. Permian Resources’s dividend payout ratio is currently 36.36%.

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.