Jeff Klauk finished alone in third at 14-under-par 199 after a round of 64. Blaine McCallister was one shot further back at 13-under-par 200.
Hensby held a one-stroke lead over a trio of players heading into the weekend at Crestview Country Club and tallied a birdie at the par-5 second to get his round going.
The 32-year-old hit his second shot to 15 feet for a birdie at the seventh and dropped his tee shot inside 18 feet at the par-3 eighth to make it two in a row.
Hensby kept on cruising on the back nine and managed to maintain his lead thanks to a pair of late birdies.
He picked up a birdie at the 16th and two-putted for a birdie at the 18th to hold a slim lead with one round to play.
'I played good today,' said the Australian, who is seeking his second victory of the season. 'I'm just not making any big mistakes. I haven't played great but I obviously haven't put myself in any trouble.'
Ridings, who clipped Hensby in a playoff to win last year's Permian Basin Open, had three birdies and one bogey on his front nine and moved into contention with a solid inward half.
The 28-year-old collected four birdies on the closing nine to complete a round of 65.
'I had a good round out there. I didn't hit the ball quite as well as I did yesterday but it was still a pretty solid round,' said Ridings. 'Tomorrow will be interesting.'
Brad Ott and Omar Uresti finished in a tie for fifth place at 12-under-par 201.
Bob Friend fired an 8-under 63 to finish one shot further back at 11-under-par 202. Friend was joined by Wil Collins, Ken Duke, Nick Cassini, Jason Schultz and Mike Brisky in a tie for seventh.
Rich Barcelo and Jeff Freeman carded matching rounds of 68 to share 13th place at 10-under-par 203.