Permian Resources (NYSE:PR) Releases Quarterly Earnings Results, Beats Estimates By $0.21 EPS

Permian Resources (NYSE:PR) posted its quarterly earnings results 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. Permian Resources had a net margin of 21.20% and a return on equity of 11.43%. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same quarter in the previous year, the firm posted $0.36 earnings per share. The company’s quarterly revenue was up 60.3% compared to the same quarter last year.

Permian Resources Price Performance

PR traded down $0.05 during midday trading on Friday, hitting $14.92. The stock had a trading volume of 8,555,543 shares, compared to its average volume of 10,142,558. The company has a market cap of $11.97 billion, a P/E ratio of 9.05, a price-to-earnings-growth ratio of 0.88 and a beta of 4.34. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28. The business has a fifty day moving average of $13.89 and a 200 day moving average of $15.09. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.02%. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. The ex-dividend date is Thursday, November 14th. Permian Resources’s dividend payout ratio (DPR) is currently 14.55%.

Analysts Set New Price Targets

PR has been the topic of several recent research reports. Wells Fargo & Company dropped their target price on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. The Goldman Sachs Group began coverage on Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 target price for the company. Wolfe Research assumed coverage on Permian Resources in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Piper Sandler cut their price objective on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Finally, Benchmark reduced their price objective on shares of 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 equities 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 MarketBeat, Permian Resources presently has an average rating of “Moderate Buy” and an average price target of $18.87.

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 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP John Charles Bell sold 4,821 shares of the firm’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 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. This trade 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 this hyperlink. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction 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 sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at $855,288.07. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 12.80% of the company’s stock.

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.