FY2024 EPS Forecast for Permian Resources Lifted by Analyst

Permian Resources Co. (NYSE:PR - Free Report) - Analysts at Capital One Financial increased their FY2024 earnings estimates for shares of Permian Resources in a note issued to investors on Monday, November 18th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $1.41 per share for the year, up from their previous forecast of $1.39. The consensus estimate for Permian Resources' current full-year earnings is $1.47 per share. Capital One Financial also issued estimates for Permian Resources' Q1 2025 earnings at $0.32 EPS, Q2 2025 earnings at $0.35 EPS, Q3 2025 earnings at $0.36 EPS, Q4 2025 earnings at $0.36 EPS, FY2025 earnings at $1.40 EPS and FY2026 earnings at $1.47 EPS.

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

PR has been the subject of several other reports. The Goldman Sachs Group began coverage on Permian Resources in a research report on Monday, September 30th. They set a "buy" rating and a $19.00 price objective for the company. Wells Fargo & Company lowered their price objective on shares of Permian Resources from $22.00 to $21.00 and set an "overweight" rating on the stock in a report on Tuesday, October 1st. JPMorgan Chase & Co. decreased their target price on shares of Permian Resources from $20.00 to $17.00 and set an "overweight" rating for the company in a research report on Thursday, September 12th. Piper Sandler boosted their price target on shares of Permian Resources from $20.00 to $21.00 and gave the stock an "overweight" rating in a research report on Monday. Finally, Truist Financial lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Permian Resources has a consensus rating of "Moderate Buy" and a consensus target price of $18.93.

Permian Resources Trading Up 1.3 %

Shares of NYSE:PR traded up $0.19 during midday trading on Wednesday, hitting $15.32. The company had a trading volume of 1,054,025 shares, compared to its average volume of 10,016,524. The stock has a market cap of $12.31 billion, a price-to-earnings ratio of 9.17, a PEG ratio of 0.89 and a beta of 4.34. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a fifty day simple moving average of $14.12 and a 200 day simple moving average of $14.97. Permian Resources has a 12 month low of $12.34 and a 12 month high of $18.28.

Institutional Trading of Permian Resources

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Permian Resources by 11.2% during the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company's stock valued at $949,189,000 after acquiring an additional 5,432,654 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Permian Resources by 480.9% during 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 buying an additional 5,012,287 shares during the period. Bank of New York Mellon Corp grew 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 valued at $194,585,000 after buying an additional 4,497,184 shares during the last quarter. Merewether Investment Management LP increased its stake in shares of Permian Resources by 148.1% in the second quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company's stock valued at $95,292,000 after buying an additional 3,522,300 shares during the period. Finally, Point72 Asset Management L.P. raised its position in shares of Permian Resources by 16,359.8% during the second quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company's stock worth $56,089,000 after acquiring an additional 3,451,923 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the firm's stock in a transaction 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 sale, the executive vice president now owns 77,237 shares of the company's stock, valued at approximately $1,075,911.41. This trade represents a 5.88 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the business's stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares of the company's stock, valued at $855,288.07. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Permian Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Thursday, November 14th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.92%. This is an increase from Permian Resources's previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Thursday, November 14th. Permian Resources's dividend payout ratio 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.