Ranger Investment Management L.P. Buys New Position in Permian Resources Corporation $PR

Key Points

• Ranger Investment Management acquired 816,316 shares of Permian Resources worth approximately $15.0 million, representing about 0.10% of the company. Institutional investors and hedge funds collectively own 91.84% of the stock.
• Permian Resources reported quarterly earnings of $0.69 per share, beating estimates by $0.10, while revenue rose 55.1% year over year to $1.86 billion.
• The company declared a quarterly dividend of $0.16 per share, equating to an annualized dividend of $0.64 and a 2.7% yield. Analysts maintain a consensus “Buy” rating with an average price target of $23.47.

Ranger Investment Management L.P. bought a new stake in Permian Resources Corporation (NYSE:PR - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 816,316 shares of the company's stock, valued at approximately $15,028,000. Ranger Investment Management L.P. owned approximately 0.10% of Permian Resources at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. SJS Investment Consulting Inc. raised its position in shares of Permian Resources by 1,862.5% in the first quarter. SJS Investment Consulting Inc. now owns 1,413 shares of the company's stock valued at $30,000 after buying an additional 1,341 shares during the last quarter. SHP Wealth Management purchased a new stake in Permian Resources in the 4th quarter worth approximately $27,000. Cedar Mountain Advisors LLC purchased a new stake in Permian Resources in the 1st quarter worth approximately $48,000. Los Angeles Capital Management LLC acquired a new position in Permian Resources in the 4th quarter valued at $39,000. Finally, State of Wyoming raised its holdings in Permian Resources by 126.8% in the 4th quarter. State of Wyoming now owns 2,933 shares of the company's stock valued at $41,000 after acquiring an additional 1,640 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Permian Resources Stock Up 0.3%

PR opened at $23.83 on Monday. Permian Resources Corporation has a 1 year low of $11.92 and a 1 year high of $24.09. The firm has a 50 day moving average price of $20.08 and a 200 day moving average price of $19.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. The company has a market cap of $19.96 billion, a PE ratio of 15.78 and a beta of 0.47.

Permian Resources (NYSE:PR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating analysts' consensus estimates of $0.59 by $0.10. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The firm had revenue of $1.86 billion for the quarter, compared to analysts' expectations of $1.66 billion. During the same period in the previous year, the company posted $0.28 earnings per share. Permian Resources's revenue was up 55.1% compared to the same quarter last year. Sell-side analysts expect that Permian Resources Corporation will post 2.2 earnings per share for the current year.

Permian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Wednesday, September 16th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.7%. The ex-dividend date is Wednesday, September 16th. Permian Resources's dividend payout ratio is currently 42.38%.

Analysts Set New Price Targets

PR has been the topic of several analyst reports. Evercore started coverage on Permian Resources in a report on Tuesday, June 23rd. They set an "outperform" rating and a $25.00 price objective on the stock. UBS Group dropped their target price on Permian Resources from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Friday, July 17th. Raymond James Financial reduced their target price on Permian Resources from $29.00 to $26.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, June 17th. Zacks Research lowered Permian Resources from a "strong-buy" rating to a "hold" rating in a research note on Friday, May 22nd. Finally, Truist Financial lifted their price target on Permian Resources from $22.00 to $24.00 and gave the company a "buy" rating in a report on Monday, August 10th. Five research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Permian Resources has an average rating of "Buy" and a consensus target price of $23.47.

About Permian Resources

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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