Hodges Capital Management Inc. Reduces Stock Position in Permian Resources Corporation $PR

Hodges Capital Management Inc. cut its holdings in Permian Resources Corporation (NYSE:PR) by 67.0% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 169,128 shares of the company’s stock after selling 343,034 shares during the period. Hodges Capital Management Inc.’s holdings in Permian Resources were worth $3,606,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. SHP Wealth Management purchased a new stake in shares of Permian Resources during the fourth quarter worth $27,000. SJS Investment Consulting Inc. boosted its holdings in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company’s stock worth $30,000 after acquiring an additional 1,341 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of Permian Resources in the fourth quarter valued at $39,000. State of Wyoming grew its position in shares of Permian Resources by 126.8% in the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock valued at $41,000 after purchasing an additional 1,640 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after purchasing an additional 3,224 shares during the period. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Guy M. Oliphint sold 62,769 shares of the business’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president owned 542,503 shares of the company’s stock, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.00% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. TD Cowen increased their price objective on Permian Resources from $20.00 to $22.00 and gave the stock a “buy” rating in a report on Tuesday, March 17th. Morgan Stanley reduced their target price on Permian Resources from $25.00 to $24.00 and set an “overweight” rating for the company in a report on Monday, June 29th. Piper Sandler upped their price target on Permian Resources from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Evercore initiated coverage on shares of Permian Resources in a report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price target on the stock. Finally, Weiss Ratings lowered shares of Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, May 12th. Four analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Permian Resources presently has an average rating of “Buy” and an average price target of $23.53.

Permian Resources Trading Down 0.2%

Shares of PR stock opened at $18.17 on Tuesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.66 and a current ratio of 0.66. Permian Resources Corporation has a 52-week low of $11.92 and a 52-week high of $22.67. The company has a market capitalization of $15.21 billion, a PE ratio of 21.13 and a beta of 0.46. The business’s fifty day moving average is $19.70 and its 200 day moving average is $18.21.

Permian Resources (NYSE:PR) last posted its earnings results on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The business had revenue of $1.39 billion during the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the previous year, the business earned $0.44 earnings per share. The firm’s revenue was up .9% on a year-over-year basis. On average, equities research analysts anticipate that Permian Resources Corporation will post 1.97 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Tuesday, June 16th. Permian Resources’s dividend payout ratio (DPR) is 74.42%.

Permian Resources Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.