Permian Resources (NYSE:PR) Posts Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Permian Resources (NYSE:PR) announced its earnings results on Wednesday. The company reported $0.69 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.08, FiscalAI reports. The company had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.78 billion. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%. The firm’s quarterly revenue was up 48.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.08 earnings per share.

Permian Resources Price Performance

PR stock traded down $1.54 during midday trading on Wednesday, reaching $22.45. The company had a trading volume of 18,298,697 shares, compared to its average volume of 8,606,467. The company has a market capitalization of $18.81 billion, a price-to-earnings ratio of 14.87 and a beta of 0.62. The stock has a 50 day moving average price of $23.42 and a 200-day moving average price of $20.46. Permian Resources has a 1-year low of $12.06 and a 1-year high of $26.07. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on PR shares. UBS Group boosted their price target on Permian Resources from $24.00 to $29.00 and gave the company a “buy” rating in a research note on Monday, September 14th. Weiss Ratings upgraded shares of Permian Resources from a “buy (b)” rating to a “buy (b+)” rating in a research report on Thursday, October 8th. KeyCorp raised their target price on shares of Permian Resources from $25.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, September 15th. Stifel Nicolaus assumed coverage on shares of Permian Resources in a research report on Thursday, September 10th. They issued a “buy” rating and a $30.00 price target for the company. Finally, Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a research report on Friday, July 31st. Five equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $26.67.

Insider Buying and Selling

In other Permian Resources news, EVP John Bell sold 5,492 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the sale, the executive vice president directly owned 1,561,680 shares in the company, valued at $37,089,900. This represents a 0.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy Oliphint sold 5,103 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,196.25. Following the completion of the transaction, the executive vice president owned 537,400 shares of the company’s stock, valued at $12,763,250. The trade was a 0.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 15,699 shares of company stock valued at $372,851 over the last quarter. 5.00% of the stock is owned by company insiders.

Permian Resources News Roundup

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Quarterly results beat expectations: Permian Resources reported adjusted earnings of $0.69 per share versus the $0.61 consensus and revenue of $1.96 billion versus $1.78 billion expected. Revenue rose 48.1% year over year, and EPS increased from $0.08 a year earlier. Company results and guidance
• Positive Sentiment: Production expanded: Total production averaged 457.5 thousand barrels of oil equivalent per day, up 22% quarter over quarter; oil production rose 5%. The company also updated its full-year guidance, though the provided reports do not specify the changes. Production and cash flow report
• Positive Sentiment: Quarterly dividend declared: The board announced a $0.16-per-share cash dividend, equivalent to $0.64 annualized, payable December 31 to shareholders of record December 17. Dividend announcement
• Neutral Sentiment: Large acquisition: Permian Resources acquired Ridge Runner Resources II for $1.2 billion. The deal may expand the business, but its size also raises questions about funding, integration and returns that could temper the reaction to strong earnings. Acquisition report

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.