TimesSquare Capital Management LLC Sells 117,516 Shares of Permian Resources Corporation $PR

Key Points

• TimesSquare Capital Management reduced its stake in Permian Resources by 5.0% in the fourth quarter, selling 117,516 shares and leaving it with 2,241,995 shares worth about $31.5 million.
• Permian Resources reported better-than-expected quarterly earnings of $0.39 per share, though revenue came in slightly below estimates at $1.39 billion.
• The company declared a quarterly dividend of $0.16 per share, implying a 3.1% annualized yield, while Wall Street analysts currently rate the stock a consensus Buy with an average target price of $22.38.

TimesSquare Capital Management LLC cut its holdings in Permian Resources Corporation (NYSE:PR - Free Report) by 5.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,241,995 shares of the company's stock after selling 117,516 shares during the quarter. TimesSquare Capital Management LLC owned 0.27% of Permian Resources worth $31,455,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in Permian Resources by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company's stock valued at $1,057,930,000 after acquiring an additional 3,941,318 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Permian Resources by 20.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 27,101,840 shares of the company's stock valued at $346,919,000 after buying an additional 4,691,280 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in Permian Resources by 8.3% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company's stock valued at $236,207,000 after buying an additional 1,421,059 shares during the last quarter. Boston Partners raised 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 valued at $222,099,000 after buying an additional 7,503,654 shares during the last quarter. Finally, Grantham Mayo Van Otterloo & Co. LLC raised its stake in Permian Resources by 24.7% during the 3rd quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 13,263,570 shares of the company's stock valued at $169,774,000 after buying an additional 2,628,744 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Permian Resources Trading Up 0.3%

NYSE:PR opened at $20.90 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66. The firm has a market capitalization of $17.50 billion, a price-to-earnings ratio of 24.30 and a beta of 0.52. Permian Resources Corporation has a one year low of $11.92 and a one year high of $22.67. The business has a fifty day moving average price of $20.39 and a 200-day moving average price of $16.87.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.39 billion during the quarter, compared to analyst estimates of $1.41 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.Permian Resources's revenue was up .9% on a year-over-year basis. During the same period in the prior year, the business posted $0.44 EPS. Sell-side analysts forecast that Permian Resources Corporation will post 1.98 EPS for the current year.

Permian Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on PR shares. Citigroup boosted their target price on shares of Permian Resources from $21.00 to $26.00 and gave the company a "buy" rating in a research note on Tuesday, March 31st. Zacks Research upgraded shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Friday, March 27th. BMO Capital Markets upgraded shares of Permian Resources from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 7th. Wells Fargo & Company boosted their target price on shares of Permian Resources from $21.00 to $27.00 and gave the company an "overweight" rating in a research note on Friday, April 10th. Finally, KeyCorp started coverage on shares of Permian Resources in a research note on Tuesday, April 7th. They set an "overweight" rating and a $25.00 target price for the company. Four equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $22.38.

Insider Transactions at Permian Resources

In other news, Director Aron Marquez sold 7,750 shares of the company's stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.62, for a total value of $152,055.00. Following the completion of the sale, the director directly owned 72,218 shares in the company, valued at $1,416,917.16. This represents a 9.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director William J. Quinn sold 512,429 shares of the company's stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $19.59, for a total value of $10,038,484.11. Following the completion of the sale, the director owned 6,914,410 shares of the company's stock, valued at $135,453,291.90. This trade represents a 6.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,130,066 shares of company stock worth $58,837,655 over the last three months. 5.00% of the stock is currently owned by insiders.

About Permian Resources

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.

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