TimesSquare Capital Management LLC Reduces Holdings in Permian Resources Corporation $PR

TimesSquare Capital Management LLC decreased its position in shares of Permian Resources Corporation (NYSE:PR) by 12.5% during the second quarter, HoldingsChannel reports. The fund owned 3,286,931 shares of the company’s stock after selling 469,100 shares during the quarter. TimesSquare Capital Management LLC’s holdings in Permian Resources were worth $44,768,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. UMB Bank n.a. grew its holdings in Permian Resources by 12.6% during the 2nd quarter. UMB Bank n.a. now owns 6,953 shares of the company’s stock valued at $95,000 after purchasing an additional 778 shares during the last quarter. HighPoint Advisor Group LLC lifted its stake in Permian Resources by 5.1% in the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company’s stock worth $283,000 after purchasing an additional 986 shares during the last quarter. Vident Advisory LLC boosted its position in shares of Permian Resources by 9.9% during the first quarter. Vident Advisory LLC now owns 11,321 shares of the company’s stock valued at $157,000 after buying an additional 1,019 shares during the period. ProShare Advisors LLC grew its stake in shares of Permian Resources by 3.8% during the second quarter. ProShare Advisors LLC now owns 28,278 shares of the company’s stock valued at $385,000 after buying an additional 1,025 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its holdings in Permian Resources by 18.1% during the 1st quarter. SBI Securities Co. Ltd. now owns 7,331 shares of the company’s stock valued at $102,000 after acquiring an additional 1,122 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Trading Up 2.5%

NYSE PR opened at $13.56 on Wednesday. Permian Resources Corporation has a one year low of $10.01 and a one year high of $16.33. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. The company has a market capitalization of $10.85 billion, a price-to-earnings ratio of 12.44 and a beta of 1.31. The company’s 50-day simple moving average is $12.99 and its two-hundred day simple moving average is $13.36.

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

Permian Resources Dividend Announcement

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

Analyst Ratings Changes

Several research firms have recently weighed in on PR. Mizuho decreased their target price on Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Raymond James Financial decreased their price objective on shares of Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a report on Tuesday, September 2nd. Wall Street Zen downgraded shares of Permian Resources from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. William Blair started coverage on shares of Permian Resources in a research note on Monday, August 25th. They set an “outperform” rating for the company. Finally, Weiss Ratings lowered Permian Resources from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday, October 25th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $18.73.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of Permian Resources stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the transaction, the executive vice president owned 107,569 shares in the company, valued at $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The stock was 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 of the company’s stock, valued at $1,305,467.10. This represents a 4.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 12.80% of the company’s stock.

Permian Resources Company 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.