Permian Resources (NYSE:PR) Announces Quarterly Earnings Results

Permian Resources (NYSE:PR) issued its quarterly earnings data on Wednesday. The company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.61 by $0.08, FiscalAI reports. The business had revenue of $1.96 billion during the quarter, compared to analyst estimates of $1.78 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. Permian Resources’s quarterly revenue was up 48.1% compared to the same quarter last year. During the same period last year, the business posted $0.08 earnings per share.

Permian Resources Price Performance

Shares of NYSE PR traded down $0.30 during mid-day trading on Thursday, reaching $22.13. 9,265,280 shares of the company traded hands, compared to its average volume of 11,227,815. The stock has a fifty day simple moving average of $23.42 and a 200-day simple moving average of $20.46. Permian Resources has a fifty-two week low of $12.32 and a fifty-two week high of $26.07. The firm has a market cap of $18.54 billion, a PE ratio of 14.66 and a beta of 0.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62.

Permian Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Thursday, December 17th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.9%. The ex-dividend date is Thursday, December 17th. Permian Resources’s dividend payout ratio (DPR) is currently 42.38%.

Key Permian Resources News

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Q3 adjusted earnings of $0.69 per share beat the roughly $0.61 analyst estimate, while revenue of $1.96 billion topped expectations of $1.78 billion and increased 48.1% year over year. Q3 earnings and revenue beat estimates
• Positive Sentiment: Production grew from the prior quarter: oil volumes rose 5% and total production increased 22%. A separate Q3 report also highlighted a $300 million free-cash-flow outlook upgrade, which could strengthen the investment case. Q3 results and updated guidance Q3 costs and free-cash-flow update
• Positive Sentiment: The board declared a quarterly dividend of $0.16 per share, or $0.64 annualized (about a 2.9% yield), supporting shareholder returns. Quarterly dividend announcement
• Positive Sentiment: Zacks reported that analysts’ average price target implies 27.4% upside and noted favorable earnings-estimate revisions, though price targets are not a reliable forecast on their own. Analyst price-target outlook
• Neutral Sentiment: Permian Resources acquired Ridge Runner Resources II for $1.2 billion. The deal may add assets and growth potential, but its ultimate impact will depend on execution and the financial returns from the acquisition. Ridge Runner acquisition
• Negative Sentiment: A Q3 analysis flagged record costs, which could weigh on margins or temper the benefit of higher production and the improved free-cash-flow outlook. Q3 costs and free-cash-flow update

Insiders Place Their Bets

In other Permian Resources news, EVP John Bell sold 5,492 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the sale, the executive vice president directly owned 1,561,680 shares in the company, valued at approximately $37,089,900. This trade represents a 0.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Guy Oliphint sold 5,103 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the transaction, the executive vice president owned 537,400 shares in the company, valued at $12,763,250. This represents a 0.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 15,699 shares of company stock worth $372,851 over the last ninety days. 5.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PR has been the subject of several research analyst reports. Stifel Nicolaus started coverage on Permian Resources in a report on Thursday, September 10th. They set a “buy” rating and a $30.00 price target for the company. Zacks Research raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Mizuho upgraded shares of Permian Resources to a “strong-buy” rating in a research report on Friday, July 31st. Truist Financial boosted their target price on shares of Permian Resources from $24.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 12th. Finally, Seaport Research Partners began coverage on shares of Permian Resources in a research note on Thursday, September 3rd. They issued a “buy” rating and a $29.00 price target for the company. Five research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $26.67.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.