Permian Resources (NYSE:PR) Issues Earnings Results

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

Permian Resources Price Performance

Shares of PR stock traded up $0.44 on Friday, hitting $13.24. 11,469,292 shares of the company’s stock were exchanged, compared to its average volume of 11,188,377. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.63. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.33. The stock has a market cap of $10.59 billion, a P/E ratio of 12.14 and a beta of 1.31. The company has a 50 day moving average of $13.03 and a 200 day moving average of $13.32.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 17th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.5%. Permian Resources’s payout ratio is 55.05%.

Analyst Ratings Changes

PR has been the topic of a number of recent research reports. Royal Bank Of Canada raised their price target on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “outperform” rating in a research report on Thursday, October 9th. Susquehanna raised their target price on shares of Permian Resources from $19.00 to $20.00 and gave the stock a “positive” rating in a report on Wednesday, July 23rd. Scotiabank assumed coverage on Permian Resources in a research note on Friday, September 19th. They issued a “sector outperform” rating and a $21.00 price target for the company. Wells Fargo & Company reduced their price target on Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a research report on Friday, October 17th. Finally, Mizuho dropped their price objective on Permian Resources from $20.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and an average price target of $18.73.

Insider Transactions at Permian Resources

In other Permian Resources news, EVP John Charles Bell sold 4,743 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.21, for a total transaction of $67,398.03. Following the completion of the transaction, the executive vice president owned 107,569 shares of the company’s stock, valued at approximately $1,528,555.49. The trade was a 4.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Regan Shannon sold 4,742 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.22, for a total transaction of $67,431.24. Following the completion of the transaction, the executive vice president directly owned 91,805 shares of the company’s stock, valued at $1,305,467.10. This trade represents a 4.91% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 6.44% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors have recently added to or reduced their stakes in PR. EverSource Wealth Advisors LLC grew its holdings in Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after acquiring an additional 3,224 shares during the period. Rakuten Securities Inc. grew its stake in Permian Resources by 237.6% during the second quarter. Rakuten Securities Inc. now owns 7,106 shares of the company’s stock worth $97,000 after purchasing an additional 5,001 shares during the period. Peapack Gladstone Financial Corp bought a new stake in Permian Resources in the second quarter worth approximately $191,000. Pitcairn Co. increased its holdings in Permian Resources by 22.0% in the second quarter. Pitcairn Co. now owns 15,334 shares of the company’s stock worth $209,000 after purchasing an additional 2,767 shares in the last quarter. Finally, Sender Co & Partners Inc. acquired a new position in Permian Resources in the second quarter valued at approximately $236,000. 91.84% of the stock is owned by institutional investors.

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.