Permian Resources (PR) to Release Quarterly Earnings on Tuesday

Permian Resources (NASDAQ:PR) is scheduled to be posting its quarterly earnings results after the market closes on Tuesday, May 7th. Analysts expect Permian Resources to post earnings of $0.37 per share for the quarter. Investors interested in registering for the company’s conference call can do so using this link.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%. On average, analysts expect Permian Resources to post $2 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Permian Resources Stock Up 0.9 %

PR stock opened at $17.54 on Tuesday. The stock has a market capitalization of $13.54 billion, a P/E ratio of 15.12 and a beta of 4.35. Permian Resources has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The business has a 50-day moving average of $16.75 and a 200-day moving average of $14.73. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Wednesday, March 13th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.14%. The ex-dividend date was Tuesday, March 12th. Permian Resources’s payout ratio is 17.24%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PR. Wells Fargo & Company upped their target price on Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a report on Wednesday, April 17th. Piper Sandler lifted their price objective on shares of Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Truist Financial boosted their target price on Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a report on Friday, April 12th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $19.31.

Insider Buying and Selling

In related news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the sale, the insider now owns 25,477,527 shares in the company, valued at approximately $400,251,949.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO William M. Hickey III sold 4,000,000 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $62,840,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares of the company’s stock, valued at $400,251,949.17. The disclosure for this sale can be found here. Insiders sold a total of 32,916,943 shares of company stock worth $516,796,999 in the last three months. 12.80% of the stock is owned by corporate insiders.

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.