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

Permian Resources (NYSE:PR) 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.

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.