FY2024 EPS Estimates for PR Boosted by Capital One Financial

Permian Resources Co. (NYSE:PR - Free Report) - Equities research analysts at Capital One Financial lifted their FY2024 EPS estimates for shares of Permian Resources in a report issued on Monday, January 27th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings per share of $1.43 for the year, up from their prior forecast of $1.41. The consensus estimate for Permian Resources' current full-year earnings is $1.44 per share.

Other equities analysts have also issued research reports about the company. The Goldman Sachs Group started coverage on Permian Resources in a research note on Monday, September 30th. They set a "buy" rating and a $19.00 price objective on the stock. Morgan Stanley assumed coverage on Permian Resources in a research note on Friday, January 10th. They issued an "overweight" rating and a $19.00 price target for the company. Benchmark reduced their price objective on shares of Permian Resources from $17.00 to $14.00 and set a "buy" rating on the stock in a research note on Wednesday, October 16th. Truist Financial boosted their target price on shares of Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Finally, Wells Fargo & Company decreased their price objective on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.06.

Permian Resources Stock Performance

Permian Resources stock traded down $0.11 during midday trading on Tuesday, hitting $14.87. The company's stock had a trading volume of 8,200,064 shares, compared to its average volume of 7,704,068. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market cap of $11.95 billion, a price-to-earnings ratio of 9.01, a PEG ratio of 4.60 and a beta of 4.32. Permian Resources has a 1-year low of $12.59 and a 1-year high of $18.28. The company has a 50-day moving average price of $14.96 and a two-hundred day moving average price of $14.58.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm's revenue for the quarter was up 60.3% compared to the same quarter last year. During the same period last year, the firm posted $0.36 EPS.

Institutional Investors Weigh In On Permian Resources

Several large investors have recently added to or reduced their stakes in PR. Hexagon Capital Partners LLC boosted its holdings in shares of Permian Resources by 28,542.9% in the third quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company's stock worth $27,000 after acquiring an additional 1,998 shares during the period. ORG Wealth Partners LLC purchased a new position in Permian Resources during the 4th quarter valued at about $31,000. UMB Bank n.a. increased its position in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company's stock valued at $38,000 after buying an additional 1,390 shares during the period. Sunbelt Securities Inc. lifted its holdings in shares of Permian Resources by 33.4% in the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company's stock worth $43,000 after buying an additional 800 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Permian Resources by 399.5% in the third quarter. Blue Trust Inc. now owns 3,287 shares of the company's stock valued at $45,000 after acquiring an additional 2,629 shares during the period. Hedge funds and other institutional investors own 91.84% of the company's stock.

Insiders Place Their Bets

In related news, CFO Guy M. Oliphint sold 8,761 shares of the firm's stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the completion of the sale, the chief financial officer now owns 134,617 shares in the company, valued at approximately $2,059,640.10. This trade represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 12.80% of the company's stock.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Thursday, November 14th were given a $0.15 dividend. This is a boost from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date was Thursday, November 14th. This represents a $0.60 annualized dividend and a yield of 4.03%. Permian Resources's dividend payout ratio (DPR) is presently 36.36%.

About Permian Resources

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.