Permian Resources (NYSE:PR) Posts Earnings Results, Beats Expectations By $0.09 EPS

Permian Resources (NYSE:PR) issued its earnings results on Wednesday. The company reported $0.37 EPS for the quarter, topping the consensus estimate of $0.28 by $0.09, FiscalAI reports. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.32 billion.

Permian Resources Price Performance

Shares of NYSE:PR traded down $0.13 during trading on Wednesday, reaching $17.66. 9,234,956 shares of the company traded hands, compared to its average volume of 11,545,962. The firm has a market capitalization of $14.64 billion, a PE ratio of 16.20 and a beta of 0.76. Permian Resources has a 52 week low of $10.01 and a 52 week high of $18.16. The company has a quick ratio of 0.67, a current ratio of 0.67 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average is $15.28 and its two-hundred day moving average is $14.11.

Wall Street Analyst Weigh In

Several brokerages recently commented on PR. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Permian Resources in a report on Monday, December 29th. Wells Fargo & Company upped their target price on Permian Resources from $16.00 to $17.00 and gave the company an “overweight” rating in a research report on Tuesday, January 27th. Susquehanna lowered their target price on Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a research note on Monday, January 26th. Zacks Research upgraded Permian Resources from a “strong sell” rating to a “hold” rating in a research note on Wednesday, February 18th. Finally, Bank of America reiterated a “neutral” rating and set a $16.00 price objective (down from $17.00) on shares of Permian Resources in a research report on Friday, January 16th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.71.

Insiders Place Their Bets

In related news, EVP John Charles Bell sold 106,399 shares of the company’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $1,450,218.37. Following the completion of the sale, the executive vice president owned 376,442 shares of the company’s stock, valued at $5,130,904.46. This represents a 22.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Guy M. Oliphint sold 172,904 shares of the stock in a transaction dated Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the sale, the executive vice president owned 616,683 shares in the company, valued at $8,405,389.29. The trade was a 21.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 2,210,456 shares of company stock valued at $30,231,728 over the last 90 days. 12.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Permian Resources

A number of hedge funds have recently made changes to their positions in the stock. Los Angeles Capital Management LLC acquired a new position in Permian Resources during the 4th quarter worth approximately $39,000. State of Wyoming grew its stake in shares of Permian Resources by 126.8% during the fourth quarter. State of Wyoming now owns 2,933 shares of the company’s stock worth $41,000 after buying an additional 1,640 shares during the last quarter. EverSource Wealth Advisors LLC increased its holdings in shares of Permian Resources by 340.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after buying an additional 3,224 shares in the last quarter. CIBC Private Wealth Group LLC increased its holdings in shares of Permian Resources by 68.9% during the fourth quarter. CIBC Private Wealth Group LLC now owns 4,513 shares of the company’s stock worth $63,000 after buying an additional 1,841 shares in the last quarter. Finally, Rakuten Securities Inc. lifted its stake in shares of Permian Resources by 237.6% in the 2nd quarter. Rakuten Securities Inc. now owns 7,106 shares of the company’s stock valued at $97,000 after acquiring an additional 5,001 shares during the last quarter. 91.84% of the stock is currently owned by institutional investors and hedge funds.

About Permian Resources

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.