Hodges Capital Management Inc. Buys 43,269 Shares of Permian Resources Co. (NYSE:PR)

Hodges Capital Management Inc. lifted its position in shares of Permian Resources Co. (NYSE:PR - Free Report) by 2.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,579,891 shares of the company's stock after purchasing an additional 43,269 shares during the period. Permian Resources accounts for approximately 1.4% of Hodges Capital Management Inc.'s portfolio, making the stock its 17th largest position. Hodges Capital Management Inc. owned 0.20% of Permian Resources worth $21,502,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Innealta Capital LLC purchased a new position in Permian Resources during the 2nd quarter valued at $30,000. Hexagon Capital Partners LLC boosted its stake in shares of Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock valued at $27,000 after purchasing an additional 1,998 shares in the last quarter. Gilliland Jeter Wealth Management LLC purchased a new position in shares of Permian Resources during the second quarter valued at about $40,000. UMB Bank n.a. raised its stake in Permian Resources by 99.2% in the third quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock worth $38,000 after buying an additional 1,390 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Permian Resources by 399.5% in the third quarter. Blue Trust Inc. now owns 3,287 shares of the company's stock worth $45,000 after buying an additional 2,629 shares during the period. 91.84% of the stock is owned by institutional investors.

Permian Resources Stock Performance

NYSE:PR traded down $0.60 during trading hours on Friday, reaching $14.67. The company had a trading volume of 11,266,715 shares, compared to its average volume of 7,562,837. The firm has a market cap of $11.79 billion, a price-to-earnings ratio of 8.89, a PEG ratio of 0.91 and a beta of 4.35. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm's 50 day moving average price is $14.60 and its 200-day moving average price is $14.86. Permian Resources Co. has a 52 week low of $12.34 and a 52 week high of $18.28.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources's revenue was up 60.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 earnings per share. On average, analysts forecast that Permian Resources Co. will post 1.47 EPS for the current year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 4.09%. The ex-dividend date was Thursday, November 14th. This is a boost from Permian Resources's previous quarterly dividend of $0.06. Permian Resources's dividend payout ratio is 36.36%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PR shares. Truist Financial upped their target price on Permian Resources from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, November 8th. UBS Group decreased their price objective on Permian Resources from $19.00 to $18.00 and set a "buy" rating for the company in a report on Wednesday, September 18th. Benchmark dropped their target price on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a report on Wednesday, October 16th. The Goldman Sachs Group started coverage on shares of Permian Resources in a research note on Monday, September 30th. They issued a "buy" rating and a $19.00 price target for the company. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $17.00 target price on shares of Permian Resources in a report on Monday, October 14th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $18.93.

Permian Resources Profile

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.