Permian Resources (NYSE:PR) Releases Earnings Results, Beats Expectations By $0.10 EPS

Permian Resources (NYSE:PR) released its quarterly earnings results on Wednesday. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10, FiscalAI reports. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The company’s revenue for the quarter was up 55.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.28 EPS.

Permian Resources Trading Down 3.3%

Shares of Permian Resources stock traded down $0.67 during mid-day trading on Wednesday, hitting $19.83. The stock had a trading volume of 10,112,084 shares, compared to its average volume of 8,272,763. The firm has a 50-day moving average of $19.53 and a two-hundred day moving average of $19.17. Permian Resources has a 12-month low of $11.92 and a 12-month high of $22.67. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The firm has a market cap of $16.60 billion, a P/E ratio of 23.05 and a beta of 0.48.

Insider Transactions at Permian Resources

In related news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $20.44, for a total value of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares in the company, valued at approximately $11,088,761.32. This trade represents a 10.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Permian Resources

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

Analyst Ratings Changes

Several equities research analysts have commented on the company. Morgan Stanley cut their price objective on Permian Resources from $25.00 to $24.00 and set an “overweight” rating for the company in a research note on Monday, June 29th. Weiss Ratings upgraded Permian Resources from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, July 30th. Citigroup lowered their price target on Permian Resources from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. KeyCorp assumed coverage on shares of Permian Resources in a research note on Tuesday, April 7th. They set an “overweight” rating and a $25.00 target price on the stock. Finally, Truist Financial reduced their target price on shares of Permian Resources from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Monday, July 13th. Five analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $23.29.

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.