Q3 2024 EPS Estimates for Permian Resources Co. (NYSE:PR) Lowered by Analyst

Permian Resources Co. (NYSE:PR - Free Report) - Capital One Financial cut their Q3 2024 EPS estimates for shares of Permian Resources in a research report issued on Monday, October 14th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings per share of $0.31 for the quarter, down from their previous estimate of $0.33. The consensus estimate for Permian Resources' current full-year earnings is $1.49 per share. Capital One Financial also issued estimates for Permian Resources' Q4 2024 earnings at $0.32 EPS, FY2024 earnings at $1.39 EPS, Q1 2025 earnings at $0.31 EPS, Q2 2025 earnings at $0.33 EPS and FY2025 earnings at $1.36 EPS.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.23 billion. During the same period in the prior year, the business posted $0.27 earnings per share. The business's revenue for the quarter was up 99.9% on a year-over-year basis.

Several other research analysts have also recently issued reports on PR. Wells Fargo & Company dropped their price objective on Permian Resources from $22.00 to $21.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 1st. Benchmark restated a "buy" rating and issued a $17.00 price objective on shares of Permian Resources in a report on Wednesday, August 7th. BMO Capital Markets upgraded shares of Permian Resources from a "market perform" rating to an "outperform" rating and set a $21.00 target price on the stock in a report on Wednesday, July 3rd. Citigroup lowered their price target on shares of Permian Resources from $20.00 to $18.00 and set a "buy" rating for the company in a research report on Friday, August 9th. Finally, The Goldman Sachs Group started coverage on shares of Permian Resources in a report on Monday, September 30th. They set a "buy" rating and a $19.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $18.93.

Permian Resources Trading Down 4.5 %

PR stock traded down $0.64 during mid-day trading on Tuesday, reaching $13.58. The company had a trading volume of 10,493,649 shares, compared to its average volume of 10,095,211. The company has a market capitalization of $10.46 billion, a PE ratio of 12.35, a price-to-earnings-growth ratio of 0.85 and a beta of 4.32. The firm has a 50 day moving average of $14.07 and a 200 day moving average of $15.52. Permian Resources has a 12 month low of $12.34 and a 12 month high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50.

Institutional Trading of Permian Resources

Several large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in shares of Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company's stock worth $657,088,000 after buying an additional 19,847,358 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Permian Resources by 480.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company's stock worth $106,924,000 after purchasing an additional 5,012,287 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Permian Resources by 59.6% during 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 period. Merewether Investment Management LP increased its holdings in shares of Permian Resources by 148.1% during the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company's stock valued at $95,292,000 after purchasing an additional 3,522,300 shares in the last quarter. Finally, Point72 Asset Management L.P. lifted its stake in shares of Permian Resources by 16,359.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company's stock valued at $56,089,000 after purchasing an additional 3,451,923 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction dated 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 directly owns 77,237 shares of the company's stock, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the sale, the chief accounting officer now directly owns 61,399 shares of the company's stock, valued at $855,288.07. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company's stock.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 1.77%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources's dividend payout ratio is presently 21.82%.

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.