Hodges Capital Management Inc. Sells 512,565 Shares of Permian Resources Co. (NYSE:PR)

Hodges Capital Management Inc. decreased its position in Permian Resources Co. (NYSE:PR) by 32.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,067,326 shares of the company’s stock after selling 512,565 shares during the period. Hodges Capital Management Inc.’s holdings in Permian Resources were worth $15,348,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PR. State Street Corp lifted its stake in Permian Resources by 6.1% in the third quarter. State Street Corp now owns 22,027,153 shares of the company’s stock valued at $299,790,000 after buying an additional 1,263,460 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Permian Resources by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company’s stock valued at $247,042,000 after acquiring an additional 1,543,854 shares during the period. Geode Capital Management LLC boosted its stake in Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company’s stock worth $148,957,000 after acquiring an additional 1,638,618 shares during the last quarter. Jennison Associates LLC grew its holdings in Permian Resources by 19.8% during the fourth quarter. Jennison Associates LLC now owns 9,159,252 shares of the company’s stock valued at $131,710,000 after purchasing an additional 1,511,923 shares during the period. Finally, Point72 Asset Management L.P. increased its stake in Permian Resources by 58.3% in the third quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company’s stock valued at $74,811,000 after purchasing an additional 2,023,742 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Performance

Shares of PR opened at $14.62 on Monday. The stock has a market capitalization of $11.75 billion, a price-to-earnings ratio of 8.86, a PEG ratio of 4.06 and a beta of 4.28. Permian Resources Co. has a 12 month low of $12.59 and a 12 month high of $18.28. The firm has a fifty day simple moving average of $14.91 and a 200 day simple moving average of $14.55. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company 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 quarterly revenue was up 60.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 EPS. Research analysts forecast that Permian Resources Co. will post 1.45 EPS for the current fiscal year.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 4.10%. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Insiders Place Their Bets

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares of the company’s stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 12.80% of the company’s stock.

Analysts Set New Price Targets

PR has been the subject of several research analyst reports. Piper Sandler boosted their price target on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday, January 29th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. Benchmark lowered their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Morgan Stanley started coverage on Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective on the stock. Finally, Truist Financial increased their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $19.13.

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.