Ranger Investment Management L.P. Acquires Shares of 816,316 Permian Resources Corporation $PR

Ranger Investment Management L.P. acquired a new stake in shares of Permian Resources Corporation (NYSE:PR) during the second quarter, Holdings Channel.com reports. The fund acquired 816,316 shares of the company’s stock, valued at approximately $15,028,000.

A number of other institutional investors have also made changes to their positions in PR. Bank of New York Mellon Corp boosted its stake in shares of Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after purchasing an additional 13,483,136 shares during the period. Boston Partners increased its stake in Permian Resources by 76.2% during the 3rd quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after buying an additional 7,503,654 shares during the period. Millennium Management LLC lifted its holdings in Permian Resources by 210.6% in the 3rd quarter. Millennium Management LLC now owns 9,850,059 shares of the company’s stock worth $126,081,000 after buying an additional 6,678,814 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Permian Resources in the 1st quarter worth $121,041,000. Finally, Dimensional Fund Advisors LP boosted its position in Permian Resources by 16.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after buying an additional 4,533,732 shares during the last quarter. 91.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Raymond James Financial dropped their target price on Permian Resources from $29.00 to $26.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, June 17th. Citigroup lowered their price objective on Permian Resources from $26.00 to $24.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Zacks Research downgraded Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Mizuho raised Permian Resources to a “strong-buy” rating in a research report on Friday, July 31st. Finally, Weiss Ratings raised Permian Resources from a “hold (c+)” rating to a “buy (b)” rating in a research report on Thursday, August 13th. Five analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $23.47.

Permian Resources Stock Up 0.3%

NYSE:PR opened at $23.83 on Monday. The company has a market capitalization of $19.96 billion, a price-to-earnings ratio of 15.78 and a beta of 0.47. Permian Resources Corporation has a one year low of $11.92 and a one year high of $24.09. The stock has a 50-day simple moving average of $20.08 and a 200 day simple moving average of $19.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. During the same period in the previous year, the company earned $0.28 earnings per share. Permian Resources’s quarterly revenue was up 55.1% on a year-over-year basis. Sell-side analysts predict that Permian Resources Corporation will post 2.2 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Wednesday, September 16th. Permian Resources’s payout ratio is 42.38%.

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.