Hodges Capital Management Inc. Cuts Stake in Permian Resources Corporation $PR

Key Points

• Hodges Capital Management Inc. reduced its holdings in Permian Resources Corporation by 47.7%, owning 557,992 shares worth $7.73 million after selling 509,334 shares in the first quarter.
• Permian Resources announced a quarterly dividend of $0.15, representing an annual yield of 4.3%, with the ex-dividend date set for September 16th.
• The company reported earnings of $0.27 per share for the last quarter, in line with analyst estimates, but its revenue decreased by 3.9% year-over-year.

Hodges Capital Management Inc. decreased its position in Permian Resources Corporation (NYSE:PR - Free Report) by 47.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 557,992 shares of the company's stock after selling 509,334 shares during the period. Hodges Capital Management Inc. owned about 0.07% of Permian Resources worth $7,728,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC purchased a new position in Permian Resources in the fourth quarter valued at $431,676,000. Dimensional Fund Advisors LP increased its stake in shares of Permian Resources by 19.4% during the first quarter. Dimensional Fund Advisors LP now owns 14,099,726 shares of the company's stock worth $195,276,000 after purchasing an additional 2,286,363 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Permian Resources during the first quarter worth about $175,525,000. Invesco Ltd. increased its stake in shares of Permian Resources by 8.9% during the first quarter. Invesco Ltd. now owns 8,622,575 shares of the company's stock worth $119,423,000 after purchasing an additional 701,825 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Permian Resources by 56.7% during the first quarter. Millennium Management LLC now owns 7,578,553 shares of the company's stock worth $104,963,000 after purchasing an additional 2,743,272 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 4,743 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $14.21, for a total transaction of $67,398.03. Following the sale, the executive vice president directly owned 107,569 shares of the company's stock, valued at $1,528,555.49. This represents a 4.22% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert Regan Shannon sold 4,742 shares of the company's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the sale, the executive vice president directly owned 91,805 shares in the company, valued at approximately $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 6.44% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Mizuho dropped their price objective on shares of Permian Resources from $20.00 to $19.00 and set an "outperform" rating for the company in a research note on Monday. Piper Sandler upped their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. UBS Group upped their price objective on shares of Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. Wall Street Zen cut shares of Permian Resources from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. Finally, Raymond James Financial dropped their price objective on shares of Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a research note on Tuesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Permian Resources has an average rating of "Buy" and an average target price of $18.47.

Permian Resources Trading Up 1.5%

Shares of PR stock traded up $0.20 during trading hours on Wednesday, hitting $13.59. The company had a trading volume of 12,235,268 shares, compared to its average volume of 10,285,761. The company's fifty day moving average is $13.75 and its 200 day moving average is $13.28. 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 Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The stock has a market capitalization of $10.88 billion, a PE ratio of 8.83 and a beta of 1.42.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $0.27 EPS for the quarter, hitting 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 analyst estimates of $1.23 billion. During the same period in the prior year, the business posted $0.39 EPS. The business's revenue for the quarter was down 3.9% compared to the same quarter last year. Research analysts expect that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

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 $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Tuesday, September 16th. Permian Resources's dividend payout ratio is currently 38.96%.

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.