Permian Resources (NYSE:PR) Announces Earnings Results, Beats Expectations By $0.08 EPS

Permian Resources (NYSE:PR) released its quarterly earnings results on Wednesday. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.08, FiscalAI reports. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same period in the previous year, the company earned $0.08 earnings per share. The business’s revenue for the quarter was up 48.1% on a year-over-year basis.

Permian Resources Stock Down 6.4%

Shares of PR traded down $1.54 during mid-day trading on Wednesday, hitting $22.45. 18,298,697 shares of the company’s stock were exchanged, compared to its average volume of 8,606,467. The stock’s 50-day moving average is $23.42 and its 200-day moving average is $20.46. The company has a market cap of $18.81 billion, a price-to-earnings ratio of 14.87 and a beta of 0.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62. Permian Resources has a fifty-two week low of $12.06 and a fifty-two week high of $26.07.

Analysts Set New Price Targets

Several research firms have commented on PR. Citigroup upped their price target on shares of Permian Resources from $24.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 12th. UBS Group boosted their target price on shares of Permian Resources from $24.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, September 14th. Stifel Nicolaus assumed coverage on shares of Permian Resources in a research note on Thursday, September 10th. They issued a “buy” rating and a $30.00 price target on the stock. Morgan Stanley lifted their price objective on Permian Resources from $25.00 to $27.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. Finally, Truist Financial boosted their price objective on Permian Resources from $24.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, October 12th. Five research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $26.67.

Insider Activity

In other Permian Resources news, EVP Guy Oliphint sold 5,103 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,196.25. Following the sale, the executive vice president directly owned 537,400 shares of the company’s stock, valued at approximately $12,763,250. This represents a 0.94% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $121,220.00. Following the completion of the transaction, the executive vice president owned 1,346,698 shares of the company’s stock, valued at $31,984,077.50. This represents a 0.38% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 15,699 shares of company stock worth $372,851. 5.00% of the stock is currently owned by company insiders.

About Permian Resources

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.