TimesSquare Capital Management, an equity investment management company, released its “U.S. Mid Cap Growth Strategy” third-quarter investor letter. A copy of the letter can be downloaded here. Within equities, smaller or value-oriented stocks in developed economies yielded higher, whereas emerging markets saw the opposite trend. In the third quarter, the strategy returned 4.96% (gross) and 4.75% (net) while the Russell Midcap Growth Index returned 6.54%. In addition, please check the fund’s top five holdings to know its best picks in 2024.
TimesSquare Capital U.S. Mid Cap Growth Strategy highlighted stocks like Permian Resources Corporation (NYSE:PR) in the third quarter 2024 investor letter. Permian Resources Corporation (NYSE:PR) is an independent oil and natural gas company. The one-month return of Permian Resources Corporation (NYSE:PR) was -2.91%, and its shares gained 13.63% of their value over the last 52 weeks. On December 6, 2024, Permian Resources Corporation (NYSE:PR) stock closed at $14.67 per share with a market capitalization of $11.78 billion.
TimesSquare Capital U.S. Mid Cap Growth Strategy stated the following regarding Permian Resources Corporation (NYSE:PR) in its Q3 2024 investor letter:
“We often see the ebb and flow of the Energy sector tied to underlying commodity prices. In this area, we seek low-cost exploration & production companies with high-yielding acreage or specialized service providers. Permian Resources Corporation (NYSE:PR), an exploration and production company with operations in the Delaware Basin of West Texas, slipped by -15%. While second quarter profits and free cash flow were above sell-side projection, oil production and capital expenditures were only in line. Of note, oil prices fell by roughly -16% during the third quarter. Management continues to drive drilling and completion efficiencies, the bulk of which are associated with faster drilling and completion times.”
A vertical offshore oil rig in the middle of a calm sea, symbolizing the company’s oil and gas exploration.
Permian Resources Corporation (NYSE:PR) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 56 hedge fund portfolios held Permian Resources Corporation (NYSE:PR) at the end of the third quarter which was 51 in the previous quarter. While we acknowledge the potential of Permian Resources Corporation (NYSE:PR) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Permian Resources Corporation (NYSE:PR) and shared Aristotle Small/Mid Cap Equity Strategy’s views on the company. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.