TimesSquare Capital Management LLC Sells 209,409 Shares of Permian Resources Co. (NYSE:PR)

TimesSquare Capital Management LLC reduced its holdings in Permian Resources Co. (NYSE:PR - Free Report) by 5.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,730,576 shares of the company's stock after selling 209,409 shares during the quarter. TimesSquare Capital Management LLC owned about 0.46% of Permian Resources worth $53,646,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in PR. Louisiana State Employees Retirement System increased its holdings in shares of Permian Resources by 0.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 176,600 shares of the company's stock valued at $2,540,000 after acquiring an additional 700 shares in the last quarter. Sunbelt Securities Inc. increased its holdings in shares of Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock valued at $43,000 after acquiring an additional 800 shares in the last quarter. CIBC Asset Management Inc increased its holdings in shares of Permian Resources by 5.4% during the fourth quarter. CIBC Asset Management Inc now owns 15,703 shares of the company's stock valued at $226,000 after acquiring an additional 805 shares in the last quarter. Principal Securities Inc. increased its holdings in shares of Permian Resources by 73.6% during the fourth quarter. Principal Securities Inc. now owns 2,010 shares of the company's stock valued at $29,000 after acquiring an additional 852 shares in the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Permian Resources by 28.6% during the fourth quarter. Blue Trust Inc. now owns 4,226 shares of the company's stock valued at $58,000 after acquiring an additional 939 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Guy M. Oliphint sold 8,761 shares of the company's stock in a transaction on Friday, January 3rd. The stock was sold at an average price of $15.30, for a total transaction of $134,043.30. Following the transaction, the chief financial officer now owns 134,617 shares of the company's stock, valued at $2,059,640.10. This represents a 6.11 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 12.80% of the company's stock.

Permian Resources Stock Performance

PR stock traded down $0.61 during midday trading on Friday, hitting $14.03. The company's stock had a trading volume of 9,341,560 shares, compared to its average volume of 7,440,768. Permian Resources Co. has a 1 year low of $12.62 and a 1 year high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock's 50-day moving average price is $14.68 and its 200 day moving average price is $14.48. The stock has a market cap of $11.27 billion, a price-to-earnings ratio of 8.50, a PEG ratio of 4.04 and a beta of 4.28.

Wall Street Analyst Weigh In

PR has been the topic of several analyst reports. Truist Financial lifted their target price on Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Piper Sandler lifted their target price on Permian Resources from $20.00 to $21.00 and gave the company an "overweight" rating in a research report on Wednesday, January 29th. Finally, Morgan Stanley initiated coverage on Permian Resources in a research report on Friday, January 10th. They set an "overweight" rating and a $19.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $19.13.

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.