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

Ranger Investment Management L.P. trimmed its position in shares of Permian Resources Corporation (NYSE:PR) by 38.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 872,005 shares of the company’s stock after selling 540,724 shares during the quarter. Ranger Investment Management L.P.’s holdings in Permian Resources were worth $18,591,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in PR. Bank of New York Mellon Corp lifted its stake in shares of 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. Boston Partners grew its stake in Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after purchasing an additional 7,503,654 shares during the period. Millennium Management LLC raised its holdings in Permian Resources by 210.6% in the third quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after purchasing an additional 6,678,814 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Permian Resources in the first quarter worth $121,041,000. Finally, Dimensional Fund Advisors LP lifted its position in Permian Resources by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after buying an additional 4,533,732 shares during the period. Institutional investors own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

In other news, EVP Guy M. Oliphint sold 62,769 shares of the company’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 value of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares in the company, valued at approximately $11,088,761.32. This represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 5.00% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently commented on PR shares. Truist Financial dropped their target price on shares of Permian Resources from $25.00 to $22.00 and set a “buy” rating on the stock in a report on Monday, July 13th. BMO Capital Markets upgraded shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Mizuho boosted their price objective on shares of Permian Resources from $26.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Zacks Research cut shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Finally, Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a research note on Monday, May 25th. Four research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $23.29.

Permian Resources Trading Down 2.3%

NYSE PR opened at $19.78 on Wednesday. Permian Resources Corporation has a 12 month low of $11.92 and a 12 month high of $22.67. The stock has a market cap of $16.56 billion, a P/E ratio of 23.00 and a beta of 0.46. The stock’s fifty day moving average price is $19.47 and its 200-day moving average price is $18.90. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last posted 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. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.Permian Resources’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.44 EPS. As a group, equities analysts forecast that Permian Resources Corporation will post 1.94 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th were issued a $0.16 dividend. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $0.64 annualized dividend and a yield of 3.2%. Permian Resources’s payout ratio is 74.42%.

Permian Resources Company 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.