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

Permian Resources (NYSE:PR) released its quarterly earnings data on Wednesday. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09, FiscalAI reports. Permian Resources had a net margin of 18.46% and a return on equity of 10.97%. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period in the prior year, the firm earned $0.36 earnings per share. The firm’s revenue for the quarter was down 9.8% compared to the same quarter last year.

Permian Resources Stock Up 0.4%

NYSE PR traded up $0.08 during trading on Friday, hitting $18.20. The company’s stock had a trading volume of 1,467,818 shares, compared to its average volume of 11,417,731. Permian Resources has a fifty-two week low of $10.01 and a fifty-two week high of $18.58. The company has a market cap of $15.09 billion, a PE ratio of 14.59 and a beta of 0.77. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. The business’s 50 day simple moving average is $15.43 and its 200-day simple moving average is $14.16.

Permian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a $0.16 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, March 17th. Permian Resources’s dividend payout ratio is 55.05%.

Insider Transactions at Permian Resources

In related news, EVP Robert Regan Shannon sold 106,405 shares of the company’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $1,450,300.15. Following the transaction, the executive vice president directly owned 360,667 shares of the company’s stock, valued at $4,915,891.21. This represents a 22.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO James H. Walter sold 467,700 shares of the firm’s stock in a transaction on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $6,374,751.00. Following the completion of the transaction, the chief executive officer owned 1,010,138 shares of the company’s stock, valued at $13,768,180.94. This trade represents a 31.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 2,210,456 shares of company stock worth $30,231,728 over the last ninety days. 6.44% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

Several hedge funds and other institutional investors have recently bought and sold shares of PR. Dimensional Fund Advisors LP lifted its holdings in Permian Resources by 16.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock valued at $443,856,000 after acquiring an additional 4,533,732 shares during the period. State Street Corp increased its holdings in Permian Resources by 2.0% in the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock valued at $330,454,000 after buying an additional 460,158 shares in the last quarter. Boston Partners raised its position in shares of Permian Resources by 76.2% in the third quarter. Boston Partners now owns 17,350,663 shares of the company’s stock worth $222,099,000 after acquiring an additional 7,503,654 shares during the period. Nuveen LLC boosted its stake in shares of Permian Resources by 12.7% during the 4th quarter. Nuveen LLC now owns 16,386,918 shares of the company’s stock worth $229,908,000 after acquiring an additional 1,850,071 shares in the last quarter. Finally, Alyeska Investment Group L.P. grew its position in shares of Permian Resources by 19.6% during the 3rd quarter. Alyeska Investment Group L.P. now owns 10,460,270 shares of the company’s stock valued at $133,891,000 after acquiring an additional 1,717,151 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PR has been the topic of several research reports. Raymond James Financial reissued a “strong-buy” rating and set a $21.00 price objective on shares of Permian Resources in a report on Thursday. The Goldman Sachs Group lifted their price target on Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a report on Friday, November 14th. Mizuho boosted their price target on Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Permian Resources in a research report on Monday, December 29th. Finally, Benchmark reiterated a “buy” rating on shares of Permian Resources in a report on Monday, February 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and an average price target of $18.64.

Permian Resources Company Profile

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.