Hodges Capital Management Inc. Sells 512,565 Shares of Permian Resources Co. (NYSE:PR)

Hodges Capital Management Inc. lessened its holdings in shares of Permian Resources Co. (NYSE:PR - Free Report) by 32.4% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,067,326 shares of the company's stock after selling 512,565 shares during the quarter. Hodges Capital Management Inc. owned about 0.13% of Permian Resources worth $15,348,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp lifted its holdings in shares of Permian Resources by 6.1% in the third quarter. State Street Corp now owns 22,027,153 shares of the company's stock valued at $299,790,000 after buying an additional 1,263,460 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in Permian Resources by 9.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,151,477 shares of the company's stock valued at $247,042,000 after acquiring an additional 1,543,854 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Permian Resources by 17.6% during the 3rd quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock valued at $148,957,000 after purchasing an additional 1,638,618 shares in the last quarter. Jennison Associates LLC grew its stake in shares of Permian Resources by 19.8% in the 4th quarter. Jennison Associates LLC now owns 9,159,252 shares of the company's stock worth $131,710,000 after purchasing an additional 1,511,923 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of Permian Resources by 58.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,496,765 shares of the company's stock worth $74,811,000 after purchasing an additional 2,023,742 shares in the last quarter. Institutional investors own 91.84% of the company's stock.

Permian Resources Price Performance

Shares of NYSE:PR traded down $0.37 on Thursday, hitting $14.30. The stock had a trading volume of 5,344,635 shares, compared to its average volume of 7,218,141. The firm's 50 day moving average price is $14.82 and its 200-day moving average price is $14.53. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. Permian Resources Co. has a twelve month low of $12.62 and a twelve month high of $18.28. The company has a market capitalization of $11.48 billion, a price-to-earnings ratio of 8.66, a price-to-earnings-growth ratio of 4.06 and a beta of 4.28.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm had revenue of $1.22 billion for the quarter, compared to analysts' expectations of $1.22 billion. During the same period in the prior year, the firm earned $0.36 earnings per share. The company's quarterly revenue was up 60.3% compared to the same quarter last year. On average, equities research analysts predict that Permian Resources Co. will post 1.45 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have issued reports on PR. Benchmark decreased their price target on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a research report on Wednesday, October 16th. Piper Sandler boosted their target price on Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Wednesday, January 29th. Truist Financial increased their price target on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Royal Bank of Canada restated an "outperform" rating and set a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Finally, Morgan Stanley began coverage on Permian Resources in a report on Friday, January 10th. They set an "overweight" rating and a $19.00 price target on the stock. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Permian Resources currently has an average rating of "Moderate Buy" and an average price target of $19.13.

Insider Buying and Selling

In other news, CFO Guy M. Oliphint sold 8,761 shares of the company's stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 12.80% of the stock is owned by corporate insiders.

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.