TimesSquare Capital Management LLC Sells 469,100 Shares of Permian Resources Corporation $PR

TimesSquare Capital Management LLC lowered its stake in Permian Resources Corporation (NYSE:PR) by 12.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,286,931 shares of the company’s stock after selling 469,100 shares during the quarter. TimesSquare Capital Management LLC owned 0.41% of Permian Resources worth $44,768,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in PR. Envestnet Asset Management Inc. lifted its holdings in shares of Permian Resources by 29.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 843,407 shares of the company’s stock valued at $11,681,000 after buying an additional 193,699 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Permian Resources by 114.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 4,453 shares of the company’s stock valued at $62,000 after purchasing an additional 2,374 shares during the last quarter. Allworth Financial LP lifted its stake in shares of Permian Resources by 376.7% in the 1st quarter. Allworth Financial LP now owns 2,069 shares of the company’s stock worth $29,000 after purchasing an additional 1,635 shares during the period. Alps Advisors Inc. bought a new position in shares of Permian Resources in the 1st quarter worth approximately $366,000. Finally, Xponance Inc. grew its position in Permian Resources by 2.2% during the first quarter. Xponance Inc. now owns 88,150 shares of the company’s stock valued at $1,221,000 after buying an additional 1,886 shares during the period. Institutional investors own 91.84% of the company’s stock.

Insiders Place Their Bets

In other Permian Resources news, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the transaction, the executive vice president owned 91,805 shares in the company, valued at $1,305,467.10. This trade represents a 4.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the transaction, the executive vice president directly owned 107,569 shares of the company’s stock, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 12.80% of the stock is owned by corporate insiders.

Permian Resources Stock Up 2.5%

PR opened at $13.56 on Wednesday. Permian Resources Corporation has a 52 week low of $10.01 and a 52 week high of $16.33. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The firm has a 50-day simple moving average of $12.99 and a two-hundred day simple moving average of $13.36. The company has a market capitalization of $10.85 billion, a PE ratio of 12.44 and a beta of 1.31.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, November 5th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22). Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the previous year, the company posted $0.53 earnings per share. Permian Resources’s quarterly revenue was up 8.7% on a year-over-year basis. Analysts forecast that Permian Resources Corporation will post 1.45 earnings per share for the current fiscal year.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 4.4%. The ex-dividend date is Wednesday, December 17th. Permian Resources’s payout ratio is currently 55.05%.

Analysts Set New Price Targets

PR has been the topic of several analyst reports. Scotiabank assumed coverage on shares of Permian Resources in a research note on Friday, September 19th. They set a “sector outperform” rating and a $21.00 price target on the stock. William Blair started coverage on Permian Resources in a report on Monday, August 25th. They set an “outperform” rating for the company. Raymond James Financial decreased their price objective on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, September 2nd. Piper Sandler lifted their price objective on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Tuesday, October 21st. Finally, Royal Bank Of Canada upped their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Two analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $18.73.

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.