Hodges Capital Management Inc. Sells 509,334 Shares of 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. lessened its position in Permian Resources Corporation (NYSE:PR - Free Report) by 47.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 557,992 shares of the company's stock after selling 509,334 shares during the quarter. Hodges Capital Management Inc. owned approximately 0.07% of Permian Resources worth $7,728,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the business. Strs Ohio acquired a new stake in Permian Resources in the 1st quarter worth $7,414,000. Belpointe Asset Management LLC acquired a new stake in Permian Resources during the first quarter worth about $465,000. Focus Partners Wealth boosted its stake in shares of Permian Resources by 1.2% in the 1st quarter. Focus Partners Wealth now owns 254,965 shares of the company's stock valued at $3,531,000 after purchasing an additional 3,080 shares in the last quarter. Bayforest Capital Ltd raised its holdings in Permian Resources by 95.9% in the 1st quarter. Bayforest Capital Ltd now owns 19,921 shares of the company's stock valued at $276,000 after buying an additional 9,751 shares during the last quarter. Finally, SCS Capital Management LLC acquired a new stake in shares of Permian Resources during the 1st quarter worth approximately $1,944,000. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Activity at Permian Resources

In related news, EVP Robert Regan Shannon sold 4,742 shares of the business's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the completion of the sale, the executive vice president directly owned 91,805 shares of the company's stock, valued at $1,305,467.10. The trade was a 4.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP John Charles Bell sold 4,743 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares of the company's stock, valued at approximately $1,528,555.49. This represents a 4.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.80% of the company's stock.

Permian Resources Stock Down 3.3%

Permian Resources stock traded down $0.46 during midday trading on Monday, reaching $13.24. The company's stock had a trading volume of 41,229,302 shares, compared to its average volume of 10,216,414. The stock's 50-day simple moving average is $13.78 and its 200-day simple 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. The stock has a market capitalization of $10.60 billion, a P/E ratio of 8.60 and a beta of 1.42. Permian Resources Corporation has a 52-week low of $10.01 and a 52-week high of $16.33.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.27 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.27. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.The business's revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.39 earnings per share. On average, sell-side analysts expect that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, September 16th. Permian Resources's dividend payout ratio is 38.96%.

Wall Street Analyst Weigh In

PR has been the subject of several research reports. UBS Group lifted their price target on shares of Permian Resources from $16.00 to $17.00 and gave the company a "buy" rating in a research report on Wednesday, August 20th. Raymond James Financial cut their price objective on Permian Resources from $23.00 to $22.00 and set a "strong-buy" rating for the company in a report on Tuesday, September 2nd. TD Cowen raised Permian Resources to a "strong-buy" rating in a research note on Monday, July 7th. Mizuho decreased their target price on Permian Resources from $20.00 to $19.00 and set an "outperform" rating for the company in a report on Monday. Finally, Piper Sandler increased their price objective on Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a report on Thursday, July 17th. Two investment 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 stock. According to MarketBeat, Permian Resources has an average rating of "Buy" and an average 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.