Permian Resources Co. (NASDAQ:PR) to Post Q2 2024 Earnings of $0.37 Per Share, Capital One Financial Forecasts

Permian Resources Co. (NASDAQ:PR) – Equities research analysts at Capital One Financial decreased their Q2 2024 EPS estimates for shares of Permian Resources in a research note issued on Wednesday, July 10th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings per share of $0.37 for the quarter, down from their prior forecast of $0.39. The consensus estimate for Permian Resources’ current full-year earnings is $1.76 per share. Capital One Financial also issued estimates for Permian Resources’ Q3 2024 earnings at $0.43 EPS, FY2024 earnings at $1.66 EPS, Q1 2025 earnings at $0.45 EPS, Q2 2025 earnings at $0.46 EPS and FY2025 earnings at $1.88 EPS.

PR has been the topic of a number of other reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $20.00 target price on shares of Permian Resources in a report on Thursday. JPMorgan Chase & Co. boosted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Friday, April 12th. Truist Financial boosted their target price on shares of Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Raymond James assumed coverage on shares of Permian Resources in a report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 target price on the stock. Finally, BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Wednesday, July 3rd. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $20.57.

Permian Resources Stock Up 2.2 %

NASDAQ PR opened at $16.55 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. The company’s 50 day simple moving average is $16.06 and its 200 day simple moving average is $15.59. Permian Resources has a 12 month low of $10.59 and a 12 month high of $18.28. The company has a market capitalization of $12.74 billion, a P/E ratio of 11.57, a PEG ratio of 0.64 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, May 7th. The company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.36 by $0.06. The firm had revenue of $1.24 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%.

Institutional Trading of Permian Resources

Large investors have recently added to or reduced their stakes in the business. Principal Financial Group Inc. grew its position in Permian Resources by 47.4% in the fourth quarter. Principal Financial Group Inc. now owns 1,725,462 shares of the company’s stock worth $23,466,000 after acquiring an additional 554,694 shares in the last quarter. Mount Lucas Management LP bought a new stake in Permian Resources in the fourth quarter worth approximately $746,000. DRW Securities LLC bought a new stake in Permian Resources in the fourth quarter worth approximately $1,904,000. Franklin Resources Inc. lifted its stake in shares of Permian Resources by 74.2% in the fourth quarter. Franklin Resources Inc. now owns 351,681 shares of the company’s stock worth $4,783,000 after buying an additional 149,851 shares during the last quarter. Finally, Swiss National Bank lifted its stake in shares of Permian Resources by 31.1% in the fourth quarter. Swiss National Bank now owns 724,348 shares of the company’s stock worth $9,851,000 after buying an additional 171,648 shares during the last quarter. 91.84% of the stock is owned by institutional investors.

Insider Activity at Permian Resources

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the sale, the director now directly owns 158,665 shares of the company’s stock, valued at $2,605,279.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.80% of the stock is currently owned by insiders.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 29th. Investors of record on Tuesday, May 21st were given a dividend of $0.06 per share. The ex-dividend date was Monday, May 20th. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.45%. Permian Resources’s payout ratio is presently 21.82%.

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.