Permian Resources Corporation $PR Shares Purchased by Gamco Investors INC. ET AL

Key Points

• Gamco Investors INC. ET AL increased its stake in Permian Resources Corporation by 19.4%, owning 185,000 shares valued at approximately $2.56 million.
• A majority of the company's shares, approximately 91.84%, are held by institutional investors and hedge funds, with several firms boosting their positions recently.
• Permian Resources announced a $0.15 quarterly dividend, equating to a 4.1% annualized yield, set to be paid on September 30th, with a payout ratio of 38.96%.

Gamco Investors INC. ET AL increased its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 19.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 185,000 shares of the company's stock after acquiring an additional 30,000 shares during the quarter. Gamco Investors INC. ET AL's holdings in Permian Resources were worth $2,562,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. OneDigital Investment Advisors LLC lifted its stake in Permian Resources by 19.2% in the first quarter. OneDigital Investment Advisors LLC now owns 19,274 shares of the company's stock worth $267,000 after acquiring an additional 3,107 shares during the period. Janney Montgomery Scott LLC lifted its stake in Permian Resources by 12.4% in the first quarter. Janney Montgomery Scott LLC now owns 32,089 shares of the company's stock worth $444,000 after acquiring an additional 3,547 shares during the period. Crossmark Global Holdings Inc. lifted its stake in Permian Resources by 8.5% in the first quarter. Crossmark Global Holdings Inc. now owns 28,385 shares of the company's stock worth $393,000 after acquiring an additional 2,215 shares during the period. Cambridge Investment Research Advisors Inc. lifted its stake in Permian Resources by 27.4% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 30,693 shares of the company's stock worth $425,000 after acquiring an additional 6,600 shares during the period. Finally, Vontobel Holding Ltd. purchased a new stake in Permian Resources in the first quarter worth about $174,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Stock Down 2.9%

Permian Resources stock traded down $0.43 during trading hours on Wednesday, reaching $14.09. The stock had a trading volume of 5,128,597 shares, compared to its average volume of 10,094,228. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63. The company has a market cap of $11.27 billion, a price-to-earnings ratio of 9.14 and a beta of 1.42. The business's 50 day moving average price is $13.78 and its 200-day moving average price is $13.30.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.27. Permian Resources had a net margin of 22.41% and a return on equity of 10.91%. The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the prior year, the company posted $0.39 earnings per share. The company's revenue for the quarter was down 3.9% compared to the same quarter last year. Sell-side analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.3%. Permian Resources's dividend payout ratio is 38.96%.

Wall Street Analyst Weigh In

PR has been the subject of a number of research reports. Susquehanna upped their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the stock a "positive" rating in a research note on Wednesday, July 23rd. Wells Fargo & Company upped their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 13th. William Blair began coverage on shares of Permian Resources in a report on Monday, August 25th. They issued an "outperform" rating for the company. Morgan Stanley boosted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $17.00 target price on shares of Permian Resources in a report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $18.47.

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.