Hodges Capital Management Inc. Sells 343,034 Shares of Permian Resources Corporation $PR

Key Points

• Hodges Capital Management cut its stake in Permian Resources by 67% in the first quarter, selling 343,034 shares and ending with 169,128 shares valued at about $3.61 million.
• Permian Resources reported quarterly EPS of $0.39, slightly ahead of estimates, while revenue came in at $1.39 billion and rose 0.9% from a year earlier.
• The company declared a quarterly dividend of $0.16 per share, equal to a 3.5% annualized yield, while analysts currently maintain a consensus rating of Buy with an average price target of $23.53.

Hodges Capital Management Inc. lessened its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 67.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Permian Resources by 9.2% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 315,450 shares of the company's stock worth $6,665,000 after purchasing an additional 26,510 shares during the last quarter. Whittier Trust Co. boosted its position in shares of Permian Resources by 13.1% during the first quarter. Whittier Trust Co. now owns 606,927 shares of the company's stock valued at $12,824,000 after buying an additional 70,065 shares during the last quarter. QRG Capital Management Inc. boosted its position in shares of Permian Resources by 28.3% during the first quarter. QRG Capital Management Inc. now owns 18,580 shares of the company's stock valued at $396,000 after buying an additional 4,100 shares during the last quarter. HB Wealth Management LLC bought a new stake in Permian Resources during the first quarter worth $446,000. Finally, Strs Ohio bought a new stake in Permian Resources during the first quarter worth $10,338,000. Institutional investors own 91.84% of the company's stock.

Permian Resources Stock Down 0.2%

Permian Resources stock opened at $18.17 on Tuesday. Permian Resources Corporation has a twelve month low of $11.92 and a twelve month high of $22.67. The firm has a 50 day moving average price of $19.70 and a 200-day moving average price of $18.21. The company has a market capitalization of $15.21 billion, a P/E ratio of 21.13 and a beta of 0.46. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. During the same quarter last year, the business posted $0.44 EPS. Permian Resources's quarterly revenue was up .9% compared to the same quarter last year. As a group, equities analysts predict that Permian Resources Corporation will post 1.97 EPS for the current year.

Permian Resources Announces Dividend

The company 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 of this dividend was Tuesday, June 16th. Permian Resources's dividend payout ratio is currently 74.42%.

Analysts Set New Price Targets

Several brokerages have weighed in on PR. Morgan Stanley dropped their price objective on Permian Resources from $25.00 to $24.00 and set an "overweight" rating on the stock in a research note on Monday, June 29th. Raymond James Financial reduced their target price on shares of Permian Resources from $29.00 to $26.00 and set a "strong-buy" rating for the company in a research note on Wednesday, June 17th. Zacks Research lowered shares of Permian Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 22nd. TD Cowen boosted their price target on shares of Permian Resources from $20.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, March 17th. Finally, BMO Capital Markets raised shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 7th. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Permian Resources currently has an average rating of "Buy" and a consensus target price of $23.53.

Insider Buying and Selling at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the sale, the executive vice president owned 542,503 shares of the company's stock, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.00% of the company's stock.

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.

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