Permian Resources (NYSE:PR) Issues Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Permian Resources (NYSE:PR) posted its quarterly earnings data on Wednesday. The company reported $0.37 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09, FiscalAI reports. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%.

Permian Resources Price Performance

NYSE PR traded down $0.13 on Wednesday, hitting $17.66. The stock had a trading volume of 9,226,586 shares, compared to its average volume of 11,494,191. Permian Resources has a 52-week low of $10.01 and a 52-week high of $18.16. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.67 and a current ratio of 0.67. The company has a market capitalization of $14.64 billion, a price-to-earnings ratio of 16.20 and a beta of 0.76. The firm has a 50-day moving average of $15.28 and a 200-day moving average of $14.11.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Piper Sandler reduced their price objective on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a report on Tuesday, November 18th. Susquehanna decreased their price objective on Permian Resources from $20.00 to $18.00 and set a “positive” rating for the company in a report on Monday, January 26th. Zacks Research upgraded Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Wall Street Zen upgraded shares of Permian Resources from a “sell” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Mizuho lifted their target price on shares of Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research note on Friday, December 12th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.71.

Insider Activity

In other Permian Resources news, EVP Robert Regan Shannon sold 106,405 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,300.15. Following the sale, the executive vice president owned 360,667 shares of the company’s stock, valued at $4,915,891.21. This trade represents a 22.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP John Charles Bell sold 106,399 shares of Permian Resources stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $1,450,218.37. Following the sale, the executive vice president owned 376,442 shares of the company’s stock, valued at approximately $5,130,904.46. This trade represents a 22.04% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 2,210,456 shares of company stock worth $30,231,728. Company insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC raised its position in Permian Resources by 69.2% in the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after purchasing an additional 61,230 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Permian Resources by 18.5% during the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after buying an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Permian Resources by 7.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock worth $16,751,000 after acquiring an additional 87,105 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in Permian Resources by 340.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after purchasing an additional 3,224 shares during the period. Finally, Marshall Wace LLP lifted its position in Permian Resources by 21.3% in the second quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock valued at $1,274,000 after purchasing an additional 16,443 shares during the last quarter. Hedge funds and other institutional investors own 91.84% of the company’s stock.

About Permian Resources

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.