Permian Resources (NYSE:PR) Posts Earnings Results

Permian Resources (NYSE:PR) announced its quarterly earnings data on Wednesday. The company reported $0.53 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.21, Briefing.com reports. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.43%. The business’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.36 EPS.

Permian Resources Price Performance

Shares of NYSE:PR traded down $0.05 on Friday, reaching $14.92. 8,555,543 shares of the company traded hands, compared to its average volume of 10,142,558. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market capitalization of $11.97 billion, a PE ratio of 9.05, a P/E/G ratio of 0.88 and a beta of 4.34. The company’s 50 day moving average is $13.89 and its 200-day moving average is $15.09. Permian Resources has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be issued a $0.15 dividend. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Thursday, November 14th. Permian Resources’s payout ratio is presently 14.55%.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PR. Susquehanna reduced their target price on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a report on Wednesday, September 4th. Wolfe Research started coverage on shares of Permian Resources in a research note on Thursday, July 18th. They set a “peer perform” rating on the stock. Wells Fargo & Company decreased their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Mizuho cut their price target on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research note on Monday, September 16th. Finally, Benchmark reduced their target price on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.87.

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.