Gamco Investors INC. ET AL Boosts Stake in Permian Resources Corporation $PR

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 lifted its position in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 19.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Allworth Financial LP raised its position in shares of Permian Resources by 376.7% during the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company's stock worth $29,000 after purchasing an additional 1,635 shares during the last quarter. Smallwood Wealth Investment Management LLC acquired a new position in shares of Permian Resources during the 1st quarter worth approximately $30,000. Keystone Global Partners LLC acquired a new position in shares of Permian Resources during the 1st quarter worth approximately $36,000. Brooklyn Investment Group raised its position in shares of Permian Resources by 433.9% during the 1st quarter. Brooklyn Investment Group now owns 3,118 shares of the company's stock worth $43,000 after purchasing an additional 2,534 shares during the last quarter. Finally, Tsfg LLC acquired a new position in Permian Resources in the 1st quarter valued at $46,000. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Permian Resources Stock Down 0.9%

NYSE PR traded down $0.14 during trading hours on Friday, hitting $14.32. The company had a trading volume of 8,876,826 shares, compared to its average volume of 10,235,610. The firm's 50 day moving average is $13.76 and its 200 day moving average is $13.29. The company has a market capitalization of $11.46 billion, a price-to-earnings ratio of 9.30 and a beta of 1.42. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two 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.

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

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 4.2%. Permian Resources's dividend payout ratio is presently 38.96%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PR shares. Raymond James Financial reiterated a "strong-buy" rating and issued a $23.00 price target (up from $20.00) on shares of Permian Resources in a report on Monday, May 19th. UBS Group boosted their price target on Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Royal Bank Of Canada boosted their price target on Permian Resources from $16.00 to $17.00 and gave the company an "outperform" rating in a report on Friday, May 16th. The Goldman Sachs Group boosted their price objective on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Finally, Wall Street Zen cut shares of Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $18.53.

Permian Resources Company Profile

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.