Permian Resources (NYSE:PR) Issues Earnings Results

by · The Cerbat Gem

Permian Resources (NYSE:PR – Get Free Report) announced its earnings results on Wednesday. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.10, FiscalAI reports. The business had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company’s revenue for the quarter was up 55.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.28 earnings per share.

Permian Resources Stock Performance

Shares of PR stock traded up $0.50 during trading hours on Thursday, reaching $20.29. The stock had a trading volume of 10,766,572 shares, compared to its average volume of 11,915,739. The firm has a market capitalization of $16.99 billion, a PE ratio of 23.58 and a beta of 0.48. The firm has a 50-day simple moving average of $19.53 and a 200-day simple moving average of $19.17. Permian Resources has a twelve month low of $11.92 and a twelve month high of $22.67. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.66 and a quick ratio of 0.66.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.16 per share. The ex-dividend date is Wednesday, September 16th. This represents a $0.64 annualized dividend and a dividend yield of 3.2%. Permian Resources’s dividend payout ratio is currently 74.42%.

Analyst Ratings Changes

A number of equities analysts have issued reports on PR shares. Weiss Ratings raised Permian Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 30th. Roth Capital set a $23.00 price objective on shares of Permian Resources and gave the stock a “buy” rating in a report on Monday, June 22nd. Wells Fargo & Company set a $26.00 target price on shares of Permian Resources in a research note on Monday, May 25th. Evercore assumed coverage on Permian Resources in a research report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 target price for the company. Finally, UBS Group reduced their price objective on Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a research note on Friday, July 17th. Five equities research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $23.29.

Get Our Latest Stock Report on Permian Resources

Insider Buying and Selling

In other Permian Resources news, EVP Guy M. Oliphint sold 62,769 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $20.44, for a total value of $1,282,998.36. Following the sale, the executive vice president owned 542,503 shares in the company, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several institutional investors have recently bought and sold shares of PR. Virtu Financial LLC acquired a new stake in shares of Permian Resources in the 4th quarter worth approximately $389,000. T. Rowe Price Investment Management Inc. boosted its stake in Permian Resources by 3.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 9,092,438 shares of the company’s stock valued at $127,567,000 after purchasing an additional 341,674 shares in the last quarter. Invesco Ltd. increased its position in shares of Permian Resources by 14.4% during the 4th quarter. Invesco Ltd. now owns 6,253,967 shares of the company’s stock valued at $87,743,000 after purchasing an additional 785,890 shares during the period. Corient Private Wealth LLC raised its stake in shares of Permian Resources by 19.4% in the 4th quarter. Corient Private Wealth LLC now owns 53,583 shares of the company’s stock worth $748,000 after buying an additional 8,724 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its stake in shares of Permian Resources by 27.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 195,094 shares of the company’s stock worth $2,737,000 after buying an additional 41,699 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

(Get Free Report)

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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