GW&K Investment Management LLC Buys Shares of 1,103,373 Permian Resources Co. (NASDAQ:PR)

GW&K Investment Management LLC acquired a new position in Permian Resources Co. (NASDAQ:PR - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 1,103,373 shares of the company's stock, valued at approximately $15,006,000. GW&K Investment Management LLC owned about 0.14% of Permian Resources at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Permian Resources during the fourth quarter worth approximately $353,683,000. Massachusetts Financial Services Co. MA increased its position in shares of Permian Resources by 96.6% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company's stock worth $178,961,000 after acquiring an additional 6,464,093 shares during the period. Vanguard Group Inc. increased its position in shares of Permian Resources by 17.1% during the third quarter. Vanguard Group Inc. now owns 28,467,963 shares of the company's stock worth $397,413,000 after acquiring an additional 4,148,519 shares during the period. Westfield Capital Management Co. LP purchased a new position in shares of Permian Resources during the third quarter worth approximately $54,744,000. Finally, EnCap Energy Capital Fund VIII L.P. purchased a new position in shares of Permian Resources during the fourth quarter worth approximately $41,097,000. Institutional investors own 91.84% of the company's stock.

Insider Activity

In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company's stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the transaction, the insider now owns 25,477,527 shares of the company's stock, valued at $400,251,949.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business's stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William J. Quinn sold 18,076,849 shares of the company's stock in a transaction on Monday, March 4th. The shares were sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the transaction, the director now owns 71,056,620 shares of the company's stock, valued at $1,116,299,500.20. The disclosure for this sale can be found here. Insiders sold a total of 32,776,403 shares of company stock valued at $514,873,526 over the last 90 days. Insiders own 12.80% of the company's stock.

Permian Resources Stock Down 3.1 %

PR stock traded down $0.50 during midday trading on Wednesday, hitting $15.69. The company's stock had a trading volume of 11,027,448 shares, compared to its average volume of 9,627,944. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. Permian Resources Co. has a 52-week low of $9.11 and a 52-week high of $18.28. The firm has a market capitalization of $12.08 billion, a P/E ratio of 14.26 and a beta of 4.32. The firm has a 50-day simple moving average of $17.15 and a 200-day simple moving average of $14.94.

Permian Resources (NASDAQ:PR - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. The firm had revenue of $1.12 billion for the quarter, compared to analyst estimates of $1.11 billion. As a group, equities analysts forecast that Permian Resources Co. will post 1.81 EPS for the current year.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Monday, May 20th. This is a positive change from Permian Resources's previous quarterly dividend of $0.05. Permian Resources's payout ratio is currently 21.82%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on PR shares. Piper Sandler lifted their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the company an "overweight" rating in a report on Friday, April 19th. Truist Financial lifted their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the company a "buy" rating in a report on Monday, April 22nd. Susquehanna lifted their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, April 22nd. Stifel Nicolaus lifted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a "buy" rating in a report on Friday, March 22nd. Finally, Benchmark reissued a "buy" rating and set a $17.00 price objective on shares of Permian Resources in a report on Tuesday, April 23rd. Three investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $19.38.

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.