Permian Resources Co. (NASDAQ:PR - Free Report) - Capital One Financial dropped their Q3 2024 EPS estimates for Permian Resources in a report released on Tuesday, September 17th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $0.33 per share for the quarter, down from their previous forecast of $0.40. The consensus estimate for Permian Resources' current full-year earnings is $1.57 per share. Capital One Financial also issued estimates for Permian Resources' Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $1.44 EPS, Q1 2025 earnings at $0.33 EPS, Q2 2025 earnings at $0.34 EPS, Q3 2025 earnings at $0.35 EPS and Q4 2025 earnings at $0.36 EPS.
Permian Resources (NASDAQ:PR - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the prior year, the business posted $0.27 EPS. The business's revenue was up 99.9% compared to the same quarter last year.
A number of other research analysts have also recently commented on PR. Mizuho dropped their price target on Permian Resources from $22.00 to $19.00 and set an "outperform" rating on the stock in a research report on Monday. Truist Financial increased their target price on shares of Permian Resources from $21.00 to $22.00 and gave the stock a "buy" rating in a research report on Tuesday, July 30th. Bank of America reissued a "buy" rating and issued a $20.00 price target on shares of Permian Resources in a research report on Friday, June 14th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $20.00 price objective on shares of Permian Resources in a report on Monday, August 12th. Finally, Wolfe Research started coverage on shares of Permian Resources in a report on Thursday, July 18th. They set a "peer perform" rating on the stock. Two equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $19.50.
Read Our Latest Research Report on Permian Resources
Permian Resources Stock Performance
PR traded up $0.16 during trading on Thursday, hitting $14.02. 11,973,676 shares of the company traded hands, compared to its average volume of 9,949,498. The firm has a market cap of $11.25 billion, a P/E ratio of 12.82, a price-to-earnings-growth ratio of 0.77 and a beta of 4.33. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40. Permian Resources has a one year low of $12.34 and a one year high of $18.28. The stock's fifty day moving average is $14.61 and its 200 day moving average is $15.86.
Institutional Trading of Permian Resources
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in Permian Resources by 69.7% during the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company's stock valued at $657,088,000 after buying an additional 19,847,358 shares in the last quarter. OnyxPoint Global Management LP purchased a new stake in shares of Permian Resources in the fourth quarter worth $114,159,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Permian Resources by 480.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company's stock valued at $106,924,000 after acquiring an additional 5,012,287 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Permian Resources by 59.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company's stock worth $194,585,000 after purchasing an additional 4,497,184 shares during the last quarter. Finally, Merewether Investment Management LP boosted its stake in Permian Resources by 148.1% in the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company's stock worth $95,292,000 after purchasing an additional 3,522,300 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, EVP John Charles Bell sold 4,821 shares of the business's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares of the company's stock, valued at approximately $855,288.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. Insiders own 12.80% of the company's stock.
Permian Resources Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 annualized dividend and a yield of 1.71%. Permian Resources's payout ratio is currently 21.82%.
About Permian Resources
(
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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.
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