Permian Resources (NYSE:PR) Posts Earnings Results, Misses Estimates By $0.22 EPS

Permian Resources (NYSE:PR) posted its quarterly earnings results on Wednesday. The company reported $0.08 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.22), FiscalAI reports. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same quarter last year, the company posted $0.53 EPS. The firm’s revenue was up 8.7% on a year-over-year basis.

Permian Resources Price Performance

Shares of PR stock traded up $0.44 during trading hours on Friday, reaching $13.24. The stock had a trading volume of 11,469,292 shares, compared to its average volume of 11,188,377. The stock’s fifty day simple moving average is $13.03 and its 200 day simple moving average is $13.32. The firm has a market capitalization of $10.59 billion, a PE ratio of 12.14 and a beta of 1.31. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.33. The company has a current ratio of 0.67, a quick ratio of 0.63 and a debt-to-equity ratio of 0.31.

Permian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be paid a $0.15 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $0.60 annualized dividend and a yield of 4.5%. Permian Resources’s dividend payout ratio (DPR) is currently 55.05%.

Analyst Upgrades and Downgrades

Several research firms have commented on PR. Piper Sandler upped their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Mizuho reduced their target price on shares of Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Wells Fargo & Company decreased their price target on shares of Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research note on Friday, October 17th. Susquehanna raised their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the stock a “positive” rating in a research report on Wednesday, July 23rd. Finally, Raymond James Financial reduced their price objective on Permian Resources from $23.00 to $22.00 and set a “strong-buy” rating for the company in a report on Tuesday, September 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Permian Resources has a consensus rating of “Moderate Buy” and a consensus target price of $18.73.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total value of $67,398.03. Following the sale, the executive vice president owned 107,569 shares of the company’s stock, valued at $1,528,555.49. This trade represents a 4.22% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Robert Regan Shannon sold 4,742 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total value of $67,431.24. Following the transaction, the executive vice president directly owned 91,805 shares of the company’s stock, valued at $1,305,467.10. The trade was a 4.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 6.44% of the company’s stock.

Institutional Trading of Permian Resources

A number of hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. lifted its holdings in shares of Permian Resources by 1.0% in the 2nd quarter. Raymond James Financial Inc. now owns 7,732,423 shares of the company’s stock worth $105,316,000 after acquiring an additional 75,832 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $75,512,000 after purchasing an additional 852,347 shares during the period. Holocene Advisors LP bought a new stake in Permian Resources in the second quarter worth $42,606,000. Bank of America Corp DE lifted its stake in Permian Resources by 3.8% in the second quarter. Bank of America Corp DE now owns 3,094,292 shares of the company’s stock worth $42,144,000 after purchasing an additional 112,318 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its position in Permian Resources by 64.6% during the second quarter. Balyasny Asset Management L.P. now owns 1,556,425 shares of the company’s stock valued at $21,199,000 after buying an additional 610,915 shares during the period. Institutional investors own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.