Vaughan Nelson Investment Management L.P. Acquires 722,580 Shares of Permian Resources Co. (NASDAQ:PR)

Vaughan Nelson Investment Management L.P. lifted its stake in shares of Permian Resources Co. (NASDAQ:PR) by 23.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,853,706 shares of the company’s stock after buying an additional 722,580 shares during the period. Vaughan Nelson Investment Management L.P. owned about 0.50% of Permian Resources worth $68,057,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Parallel Advisors LLC increased its position in shares of Permian Resources by 117.0% during the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares during the last quarter. Rise Advisors LLC bought a new stake in Permian Resources in the first quarter worth about $32,000. DekaBank Deutsche Girozentrale purchased a new position in Permian Resources in the fourth quarter valued at about $33,000. GAMMA Investing LLC bought a new position in shares of Permian Resources during the 4th quarter valued at approximately $43,000. Finally, Tradition Wealth Management LLC purchased a new stake in shares of Permian Resources during the 4th quarter worth approximately $48,000. 91.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PR. Mizuho increased their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research note on Friday, April 12th. Wells Fargo & Company raised their price target on Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Raymond James initiated coverage on Permian Resources in a research note on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 target price for the company. Finally, Benchmark reaffirmed a “buy” rating and set a $17.00 price objective on shares of Permian Resources in a research note on Tuesday, April 23rd. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $20.31.

Insiders Place Their Bets

In other news, Director Jeffrey Tepper sold 65,000 shares of Permian Resources stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the transaction, the director now owns 158,665 shares in the company, valued at approximately $2,605,279.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.80% of the stock is owned by insiders.

Permian Resources Trading Up 1.6 %

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

Permian Resources (NASDAQ:PR) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.06. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. The business had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. As a group, sell-side analysts forecast that Permian Resources Co. will post 1.78 EPS for the current fiscal year.

Permian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.47%. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Monday, May 20th. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

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.