Vaughan Nelson Investment Management L.P. Boosts Stock Position in Permian Resources Co. (NASDAQ:PR)

Vaughan Nelson Investment Management L.P. increased its stake in shares of Permian Resources Co. (NASDAQ:PR) by 23.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,853,706 shares of the company’s stock after buying an additional 722,580 shares during the quarter. Vaughan Nelson Investment Management L.P.’s holdings in Permian Resources were worth $68,057,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new stake in Permian Resources in the 1st quarter valued at about $32,000. Parallel Advisors LLC grew its stake in shares of Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock worth $30,000 after acquiring an additional 1,178 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new stake in Permian Resources during the 4th quarter worth about $33,000. GAMMA Investing LLC acquired a new stake in Permian Resources in the fourth quarter valued at approximately $43,000. Finally, Tradition Wealth Management LLC purchased a new stake in shares of Permian Resources in the 4th quarter valued at approximately $48,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Permian Resources

In other news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the sale, the director now owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 12.80% of the company’s stock.

Permian Resources Stock Performance

NASDAQ:PR traded up $0.25 during trading hours on Tuesday, reaching $16.35. 557,662 shares of the company’s stock were exchanged, compared to its average volume of 10,083,956. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $12.59 billion, a price-to-earnings ratio of 14.75, a P/E/G ratio of 0.63 and a beta of 4.37. Permian Resources Co. has a 1-year low of $10.31 and a 1-year high of $18.28. The company has a 50-day moving average of $16.18 and a 200 day moving average of $15.45.

Permian Resources (NASDAQ:PR) last announced its earnings results on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.06. The business had revenue of $1.24 billion during the quarter, compared to the consensus estimate of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. Research analysts anticipate that Permian Resources Co. will post 1.78 EPS for the current year.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st were issued a $0.06 dividend. The ex-dividend date was Monday, May 20th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.47%. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s payout ratio is presently 21.82%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Truist Financial boosted their target price on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Monday, April 22nd. Raymond James started coverage on Permian Resources in a report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price objective on the stock. Piper Sandler boosted their target price on Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Bank of America reiterated a “buy” rating and issued a $20.00 price target on shares of Permian Resources in a research note on Friday, June 14th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price objective on shares of Permian Resources in a report on Friday, April 12th. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Buy” and an average price target of $20.31.

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.