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

Permian Resources (NYSE:PR) released its quarterly earnings results on Wednesday. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21, Briefing.com reports. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.43% and a net margin of 21.20%. The company’s revenue was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 EPS.

Permian Resources Trading Down 0.3 %

NYSE:PR traded down $0.05 on Friday, hitting $14.92. 8,555,543 shares of the stock were exchanged, compared to its average volume of 10,142,558. The stock has a market cap of $11.97 billion, a PE ratio of 9.05, a PEG ratio of 0.88 and a beta of 4.34. Permian Resources has a fifty-two week low of $12.34 and a fifty-two week 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. The stock has a fifty day moving average of $13.89 and a 200-day moving average of $15.09.

Permian Resources Increases Dividend

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

Insider Activity

In other news, EVP John Charles Bell sold 4,821 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 value of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares of the company’s stock, valued at $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Robert Regan Shannon sold 4,822 shares of the company’s stock in a transaction on 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 directly owns 61,399 shares in the company, valued at approximately $855,288.07. This 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 can be accessed through this link. Also, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Mizuho lowered their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. Piper Sandler reduced their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a report on Tuesday, October 15th. UBS Group dropped their price objective on shares of Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. The Goldman Sachs Group started coverage on Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 target price on the stock. Finally, Wells Fargo & Company cut their price target on Permian Resources from $22.00 to $21.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Two 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. According to data from MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $18.87.

About Permian Resources

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.