TimesSquare Capital Management LLC Cuts Stock Position in Permian Resources Corporation $PR

TimesSquare Capital Management LLC lessened its holdings in Permian Resources Corporation (NYSE:PR) by 5.0% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,241,995 shares of the company’s stock after selling 117,516 shares during the period. TimesSquare Capital Management LLC’s holdings in Permian Resources were worth $31,455,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC increased its stake in Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after buying an additional 3,224 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in Permian Resources in the 4th quarter worth $60,000. Farther Finance Advisors LLC increased its stake in Permian Resources by 126.1% in the 4th quarter. Farther Finance Advisors LLC now owns 4,442 shares of the company’s stock worth $62,000 after buying an additional 2,477 shares in the last quarter. LRI Investments LLC purchased a new stake in Permian Resources in the 4th quarter worth $82,000. Finally, Allworth Financial LP increased its stake in Permian Resources by 18.7% in the 3rd quarter. Allworth Financial LP now owns 6,445 shares of the company’s stock worth $82,000 after buying an additional 1,015 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

Permian Resources Stock Up 0.3%

PR opened at $20.90 on Tuesday. The firm has a 50-day simple moving average of $20.39 and a two-hundred day simple moving average of $16.87. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $22.67. The company has a market capitalization of $17.50 billion, a PE ratio of 24.30 and a beta of 0.52. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business had revenue of $1.39 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same quarter in the prior year, the firm earned $0.44 EPS. The business’s revenue was up .9% on a year-over-year basis. Analysts forecast that Permian Resources Corporation will post 1.98 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 3.1%. The ex-dividend date of this dividend is Tuesday, June 16th. Permian Resources’s dividend payout ratio is 74.42%.

Insider Buying and Selling at Permian Resources

In related news, CEO James H. Walter sold 673,425 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $18.38, for a total value of $12,377,551.50. Following the completion of the transaction, the chief executive officer owned 9,389,405 shares of the company’s stock, valued at approximately $172,577,263.90. This trade represents a 6.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Jeffrey Tepper sold 50,000 shares of the stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $19.38, for a total transaction of $969,000.00. Following the completion of the transaction, the director directly owned 150,546 shares of the company’s stock, valued at approximately $2,917,581.48. The trade was a 24.93% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 3,130,066 shares of company stock worth $58,837,655. Insiders own 5.00% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. UBS Group increased their price target on Permian Resources from $19.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday, March 5th. Roth Mkm reiterated a “neutral” rating and issued a $22.00 price target (up from $20.00) on shares of Permian Resources in a research note on Wednesday, April 8th. Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a research note on Friday, March 27th. Scotiabank increased their price target on Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, April 22nd. Finally, KeyCorp assumed coverage on shares of Permian Resources in a report on Tuesday, April 7th. They set an “overweight” rating and a $25.00 price objective for the company. Four analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $22.38.

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.