TimesSquare Capital Management LLC has reduced its stake in Permian Resources Corporation (NYSE: PR) by 12.5% during the second quarter of 2023, according to data from HoldingsChannel. Following the sale of 469,100 shares, the fund now holds a total of 3,286,931 shares valued at approximately $44,768,000.
This adjustment comes at a time when several other institutional investors are also altering their positions in Permian Resources. For instance, UMB Bank n.a. increased its holdings by 12.6%, acquiring an additional 778 shares to bring its total to 6,953 shares, valued at $95,000. Similarly, HighPoint Advisor Group LLC raised its stake by 5.1%, now owning 20,404 shares worth $283,000, after purchasing 986 additional shares.
Vident Advisory LLC boosted its position by 9.9% during the first quarter, acquiring 1,019 shares to reach a total of 11,321 shares valued at $157,000. ProShare Advisors LLC and SBI Securities Co. Ltd. also grew their stakes, with ProShare increasing its holdings by 3.8% to own 28,278 shares valued at $385,000, and SBI Securities expanding by 18.1%, now holding 7,331 shares worth $102,000. Notably, institutional investors collectively own approximately 91.84% of Permian Resources’ stock.
Stock Performance and Dividend Declaration
On Wednesday, Permian Resources’ stock opened at $13.56. The company has experienced price fluctuations, with a one-year low of $10.01 and a high of $16.33. Financial metrics reveal a market capitalization of $10.85 billion, a price-to-earnings ratio of 12.44, and a beta of 1.31. The company’s debt-to-equity ratio stands at 0.31, while both its quick and current ratios are 0.67.
In addition to the stock adjustments, Permian Resources announced a quarterly dividend to be paid on December 31, 2023. Stockholders of record as of December 17, 2023, will receive a dividend of $0.15 per share. This translates to an annualized dividend of $0.60 and a yield of 4.4%. The company currently maintains a dividend payout ratio of 55.05%.
Analyst Ratings and Insider Activity
Recent analyst evaluations have varied. Mizuho adjusted its target price on Permian Resources from $20.00 to $19.00, maintaining an “outperform” rating. Meanwhile, Raymond James Financial lowered its price objective from $23.00 to $22.00, also assigning a “strong-buy” rating. Wall Street Zen downgraded the stock from a “hold” to a “sell” rating, while William Blair began coverage with an “outperform” rating.
Currently, analysts have issued a mix of ratings, with two providing a Strong Buy, thirteen recommending Buy, one suggesting Hold, and one advising Sell. According to MarketBeat.com, the average rating for Permian Resources is classified as “Moderate Buy,” with a consensus target price of $18.73.
In terms of insider trading, executive vice president John Charles Bell sold 4,743 shares on September 2, 2023, at an average price of $14.21, totaling approximately $67,398. Post-transaction, he retains 107,569 shares valued at about $1,528,555, representing a 4.22% reduction in ownership. Another executive vice president, Robert Regan Shannon, sold 4,742 shares on the same date for approximately $67,431, decreasing his ownership by 4.91%.
Permian Resources Corporation, an independent oil and natural gas company, primarily focuses on developing crude oil and liquids-rich natural gas reserves in the United States, particularly in the Delaware Basin of West Texas and New Mexico.
