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

GW&K Investment Management LLC purchased a new stake in shares of Permian Resources Co. (NASDAQ:PR) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 1,103,373 shares of the company’s stock, valued at approximately $15,006,000.

Other large investors have also added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its holdings in shares of Permian Resources by 12.4% in the 3rd quarter. Commonwealth Equity Services LLC now owns 23,356 shares of the company’s stock worth $326,000 after buying an additional 2,582 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Permian Resources by 6.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 33,704 shares of the company’s stock valued at $471,000 after purchasing an additional 2,063 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in shares of Permian Resources by 6.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 34,491 shares of the company’s stock valued at $481,000 after purchasing an additional 1,981 shares during the last quarter. Yousif Capital Management LLC purchased a new position in shares of Permian Resources in the 3rd quarter worth approximately $1,658,000. Finally, Teacher Retirement System of Texas increased its position in shares of Permian Resources by 33.9% during the 3rd quarter. Teacher Retirement System of Texas now owns 62,262 shares of the company’s stock valued at $869,000 after purchasing an additional 15,748 shares during the last quarter. Institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Down 2.7 %

Shares of NASDAQ PR traded down $0.43 during trading hours on Wednesday, reaching $15.76. The stock had a trading volume of 1,591,267 shares, compared to its average volume of 9,528,988. Permian Resources Co. has a 52-week low of $9.11 and a 52-week high of $18.28. The firm has a market cap of $12.13 billion, a price-to-earnings ratio of 14.71 and a beta of 4.32. The business’s fifty day moving average price is $17.16 and its two-hundred day moving average price is $14.94. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last issued its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. The business had revenue of $1.12 billion during the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. Analysts expect that Permian Resources Co. will post 1.81 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 1.52%. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date is Monday, May 20th. Permian Resources’s dividend payout ratio is presently 21.82%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the completion of the sale, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total value of $1,067,300.00. Following the transaction, the director now owns 158,665 shares in the company, valued at $2,605,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Quinn sold 18,076,849 shares of the stock in a transaction dated 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 sale, the director now directly 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. In the last quarter, insiders have sold 32,776,403 shares of company stock valued at $514,873,526. Company insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Susquehanna lifted their price objective on shares of Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, April 22nd. Truist Financial lifted their price target 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. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Friday, April 12th. Wells Fargo & Company raised their price objective on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Finally, Citigroup upped their target price on Permian Resources from $17.00 to $19.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given 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.