Vaughan Nelson Investment Management L.P. Has $63.65 Million Position in Permian Resources Corporation $PR

Key Points

• Vaughan Nelson Investment Management cut its Permian Resources stake by 22% in Q1, selling 839,640 shares and ending with 2,985,291 shares worth about $63.65 million.
• Permian Resources has strong institutional ownership, with hedge funds and other institutions holding about 91.84% of the stock; several major firms recently increased their positions.
• The company reported Q1 EPS of $0.39, slightly ahead of estimates, and declared a quarterly dividend of $0.16 per share, implying a 3.5% annualized yield.

Vaughan Nelson Investment Management L.P. lessened its stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) by 22.0% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,985,291 shares of the company's stock after selling 839,640 shares during the quarter. Vaughan Nelson Investment Management L.P. owned about 0.36% of Permian Resources worth $63,646,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of PR. Vanguard Group Inc. boosted its holdings in shares of Permian Resources by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company's stock worth $1,057,930,000 after acquiring an additional 3,941,318 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Permian Resources by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company's stock worth $443,856,000 after purchasing an additional 4,533,732 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Permian Resources by 115.5% in the 4th quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company's stock valued at $352,906,000 after purchasing an additional 13,483,136 shares during the period. State Street Corp grew its holdings in Permian Resources by 2.0% in the 4th quarter. State Street Corp now owns 23,553,393 shares of the company's stock valued at $330,454,000 after buying an additional 460,158 shares in the last quarter. Finally, Boston Partners grew its holdings in Permian Resources by 76.2% in the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company's stock valued at $222,099,000 after buying an additional 7,503,654 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Wall Street Analysts Forecast Growth

PR has been the subject of a number of recent research reports. Zacks Research cut shares of Permian Resources from a "strong-buy" rating to a "hold" rating in a research report on Friday, May 22nd. Royal Bank Of Canada raised their price target on shares of Permian Resources from $18.00 to $20.00 and gave the stock an "outperform" rating in a research report on Monday, March 2nd. Weiss Ratings cut shares of Permian Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, May 12th. TD Cowen lifted their price objective on shares of Permian Resources from $20.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, March 17th. Finally, Mizuho boosted their price objective on shares of Permian Resources from $26.00 to $27.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $23.06.

Permian Resources Stock Up 0.1%

PR stock opened at $18.45 on Monday. The company has a market cap of $15.45 billion, a PE ratio of 21.46 and a beta of 0.48. The business has a 50-day simple moving average of $20.07 and a 200 day simple moving average of $17.91. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. 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 announced its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. The firm had revenue of $1.39 billion for the quarter, compared to the consensus estimate of $1.41 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business's revenue for the quarter was up .9% on a year-over-year basis. During the same period in the prior year, the company posted $0.44 earnings per share. Sell-side analysts anticipate that Permian Resources Corporation will post 2 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 16th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources's dividend payout ratio (DPR) is 74.42%.

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the business's stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at $11,088,761.32. The trade was a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.00% of the stock is currently owned by corporate insiders.

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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