Q3 2024 EPS Estimates for Permian Resources Co. (NASDAQ:PR) Cut by Analyst

Permian Resources Co. (NASDAQ:PR) – Research analysts at Capital One Financial dropped their Q3 2024 earnings per share (EPS) estimates for Permian Resources in a report issued on Tuesday, September 17th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings per share of $0.33 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) last released its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. Permian Resources’s revenue was up 99.9% compared to the same quarter last year. During the same period last year, the business posted $0.27 earnings per share.

A number of other research analysts have also issued reports on PR. Wolfe Research started coverage on Permian Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Citigroup decreased their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. UBS Group decreased their target price on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday. Truist Financial lifted their target price on Permian Resources from $21.00 to $22.00 and gave the company a “buy” rating in a report on Tuesday, July 30th. Finally, Piper Sandler cut their price target on Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research note on Thursday, August 15th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $19.50.

Permian Resources Trading Down 0.8 %

NASDAQ:PR opened at $13.91 on Thursday. The firm has a market cap of $10.71 billion, a PE ratio of 12.75, a price-to-earnings-growth ratio of 0.77 and a beta of 4.33. The stock has a fifty day moving average price of $14.56 and a 200 day moving average price of $15.85. Permian Resources has a 12-month low of $12.34 and a 12-month high of $18.28. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40.

Hedge Funds Weigh In On Permian Resources

Several institutional investors have recently added to or reduced their stakes in PR. DRW Securities LLC purchased a new stake in Permian Resources in the 4th quarter valued at approximately $1,904,000. Franklin Resources Inc. boosted its holdings in Permian Resources by 74.2% in the 4th quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock valued at $4,783,000 after purchasing an additional 149,851 shares in the last quarter. American International Group Inc. boosted its holdings in Permian Resources by 10.4% in the 1st quarter. American International Group Inc. now owns 830,432 shares of the company’s stock valued at $14,665,000 after purchasing an additional 78,146 shares in the last quarter. Retirement Systems of Alabama boosted its holdings in Permian Resources by 22.4% in the 1st quarter. Retirement Systems of Alabama now owns 577,336 shares of the company’s stock valued at $10,196,000 after purchasing an additional 105,565 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Permian Resources by 69.7% in the 4th quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock valued at $657,088,000 after purchasing an additional 19,847,358 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Insider Transactions at Permian Resources

In other news, EVP John Charles Bell sold 4,821 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 transaction of $67,156.53. Following the sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the business’s stock in a transaction dated 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 transaction, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. 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 announced a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date was Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is currently 21.82%.

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.