Permian Resources (NYSE:PR) Issues Earnings Results

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

Permian Resources Trading Down 3.3%

NYSE:PR traded down $0.67 during trading hours on Wednesday, hitting $19.83. The company had a trading volume of 10,112,084 shares, compared to its average volume of 8,272,763. The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a 50-day moving average of $19.53 and a 200 day moving average of $19.17. The company has a market cap of $16.60 billion, a P/E ratio of 23.05 and a beta of 0.48. Permian Resources has a 1 year low of $11.92 and a 1 year high of $22.67.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PR. Roth Capital set a $23.00 target price on shares of Permian Resources and gave the company a “buy” rating in a research report on Monday, June 22nd. Scotiabank boosted their price target on shares of Permian Resources from $21.00 to $25.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Wells Fargo & Company set a $26.00 price objective on shares of Permian Resources in a research note on Monday, May 25th. BMO Capital Markets raised shares of Permian Resources from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 7th. Finally, Zacks Research downgraded shares of Permian Resources from a “strong-buy” rating to a “hold” rating in a report on Friday, May 22nd. Five research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $23.29.

Insider Activity at Permian Resources

In other 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 transaction of $1,282,998.36. Following the transaction, the executive vice president owned 542,503 shares in the company, valued at $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Permian Resources

Hedge funds have recently modified their holdings of the company. AQR Capital Management LLC boosted its holdings in Permian Resources by 69.2% in the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after purchasing an additional 61,230 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Permian Resources by 18.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $75,512,000 after buying an additional 852,347 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Permian Resources by 7.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock worth $16,751,000 after buying an additional 87,105 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock valued at $57,000 after buying an additional 3,224 shares during the period. Finally, Marshall Wace LLP raised its position in shares of Permian Resources by 21.3% during the 2nd quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock valued at $1,274,000 after buying an additional 16,443 shares during the period. Hedge funds and other institutional investors own 91.84% of the company’s stock.

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.