TimesSquare Capital Management LLC Grows Stock Position in Permian Resources Co. (NYSE:PR)

TimesSquare Capital Management LLC grew its position in shares of Permian Resources Co. (NYSE:PR) by 25.1% during the third quarter, Holdings Channel reports. The institutional investor owned 3,939,985 shares of the company’s stock after purchasing an additional 791,005 shares during the quarter. TimesSquare Capital Management LLC’s holdings in Permian Resources were worth $53,623,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PR. Hexagon Capital Partners LLC boosted its holdings in shares of Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after acquiring an additional 1,998 shares during the period. Innealta Capital LLC bought a new position in Permian Resources in the 2nd quarter worth about $30,000. Transcendent Capital Group LLC purchased a new position in Permian Resources during the 1st quarter valued at about $36,000. UMB Bank n.a. increased its position in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock valued at $38,000 after buying an additional 1,390 shares during the period. Finally, Gilliland Jeter Wealth Management LLC bought a new position in shares of Permian Resources in the second quarter valued at approximately $40,000. Institutional investors own 91.84% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 target price on shares of Permian Resources in a research note on Monday, October 14th. Piper Sandler dropped their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Wells Fargo & Company lowered their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Citigroup lowered their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Finally, Benchmark reduced their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $18.87.

Permian Resources Trading Down 0.3 %

Shares of PR stock opened at $14.92 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.50. Permian Resources Co. has a 1-year low of $12.34 and a 1-year high of $18.28. The business has a 50-day moving average of $13.89 and a 200 day moving average of $15.08. The stock has a market capitalization of $11.97 billion, a PE ratio of 9.04, a P/E/G ratio of 0.90 and a beta of 4.34.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, November 6th. The company reported $0.53 EPS for the quarter, topping the consensus estimate of $0.32 by $0.21. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The firm’s revenue for the quarter was up 60.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.36 earnings per share. As a group, sell-side analysts anticipate that Permian Resources Co. will post 1.46 earnings per share for the current year.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be issued a dividend of $0.15 per share. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Thursday, November 14th. Permian Resources’s dividend payout ratio is currently 14.55%.

Insider Buying and Selling

In related news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by insiders.

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.