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

by · The Markets Daily

Permian Resources (NYSE:PR – Get Free Report) posted its earnings results on Wednesday. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21, Briefing.com reports. Permian Resources had a return on equity of 11.43% and a net margin of 21.20%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the company posted $0.36 earnings per share. The company’s revenue for the quarter was up 60.3% on a year-over-year basis.

Permian Resources Trading Down 0.3 %

Shares of PR stock traded down $0.05 during mid-day trading on Friday, hitting $14.92. The company’s stock had a trading volume of 8,555,543 shares, compared to its average volume of 10,142,558. Permian Resources has a 52 week low of $12.34 and a 52 week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.50 and a current ratio of 0.50. The company’s fifty day simple moving average is $13.89 and its 200-day simple moving average is $15.09. The company has a market cap of $11.97 billion, a PE ratio of 9.05, a P/E/G ratio of 0.88 and a beta of 4.34.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be paid 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 dividend payout ratio (DPR) is currently 14.55%.

Insider Buying and Selling at Permian Resources

In other news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $1,075,911.41. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.80% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on PR shares. Citigroup dropped their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. JPMorgan Chase & Co. lowered their price target on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Susquehanna reduced their price objective on shares of Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research note on Wednesday, September 4th. Finally, Piper Sandler reduced their price target on Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.87.

View Our Latest Stock Report on PR

Permian Resources Company Profile

(Get Free Report)

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.

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