FY2024 EPS Estimate for Permian Resources Lifted by Analyst

Permian Resources Co. (NYSE:PR) – Equities researchers at Capital One Financial raised their FY2024 earnings per share (EPS) estimates for Permian Resources in a research report issued to clients and investors on Monday, November 18th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $1.41 per share for the year, up from their prior forecast of $1.39. The consensus estimate for Permian Resources’ current full-year earnings is $1.47 per share. Capital One Financial also issued estimates for Permian Resources’ Q1 2025 earnings at $0.32 EPS, Q2 2025 earnings at $0.35 EPS, Q3 2025 earnings at $0.36 EPS, Q4 2025 earnings at $0.36 EPS, FY2025 earnings at $1.40 EPS and FY2026 earnings at $1.47 EPS.

Permian Resources (NYSE:PR) last released its earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.21. The business had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%. The company’s quarterly revenue was up 60.3% on a year-over-year basis. During the same period last year, the company earned $0.36 earnings per share.

PR has been the topic of a number of other reports. Benchmark cut their price objective on Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Wednesday, October 16th. UBS Group decreased 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 assumed coverage on shares of Permian Resources in a research note on Monday, September 30th. They issued a “buy” rating and a $19.00 target price on the stock. Citigroup lowered their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a report on Friday, August 9th. Finally, Truist Financial boosted their price objective on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Permian Resources presently has a consensus rating of “Moderate Buy” and an average target price of $18.93.

Permian Resources Stock Up 2.1 %

Shares of NYSE PR opened at $15.45 on Wednesday. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $12.41 billion, a PE ratio of 9.36, a P/E/G ratio of 0.89 and a beta of 4.34. The firm has a fifty day moving average of $14.17 and a 200-day moving average of $14.97. Permian Resources has a 52-week low of $12.34 and a 52-week high of $18.28.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 14th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.88%. The ex-dividend date is Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06. Permian Resources’s payout ratio is 36.36%.

Insider Activity at Permian Resources

In other 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 directly owns 77,237 shares in the company, valued at approximately $1,075,911.41. This trade represents a 5.88 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the sale, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. This trade represents a 7.28 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Permian Resources

Several institutional investors have recently made changes to their positions in PR. Vanguard Group Inc. increased its position in Permian Resources by 11.2% in the first quarter. Vanguard Group Inc. now owns 53,747,975 shares of the company’s stock worth $949,189,000 after buying an additional 5,432,654 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Permian Resources by 480.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock worth $106,924,000 after acquiring an additional 5,012,287 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Permian Resources by 59.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 12,048,597 shares of the company’s stock worth $194,585,000 after acquiring an additional 4,497,184 shares during the period. Merewether Investment Management LP lifted its position in Permian Resources by 148.1% in the 2nd quarter. Merewether Investment Management LP now owns 5,900,449 shares of the company’s stock valued at $95,292,000 after purchasing an additional 3,522,300 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in Permian Resources by 16,359.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 3,473,023 shares of the company’s stock valued at $56,089,000 after purchasing an additional 3,451,923 shares during the period. 91.84% of the stock is owned by institutional investors.

Permian Resources Company Profile

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.