Roth Capital Comments on Permian Resources Co.’s Q2 2024 Earnings (NASDAQ:PR)

Permian Resources Co. (NASDAQ:PR) – Research analysts at Roth Capital boosted their Q2 2024 EPS estimates for Permian Resources in a note issued to investors on Tuesday, May 7th. Roth Capital analyst L. Mariani now forecasts that the company will post earnings per share of $0.24 for the quarter, up from their previous forecast of $0.19. The consensus estimate for Permian Resources’ current full-year earnings is $1.66 per share. Roth Capital also issued estimates for Permian Resources’ Q3 2024 earnings at $0.27 EPS, FY2024 earnings at $1.00 EPS and Q4 2025 earnings at $0.34 EPS.

Other equities analysts have also issued reports about the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price target on shares of Permian Resources in a research note on Friday, April 12th. JPMorgan Chase & Co. lifted their price objective on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Mizuho raised their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the company a “buy” rating in a research note on Wednesday. Benchmark reiterated a “buy” rating and set a $17.00 target price on shares of Permian Resources in a research report on Tuesday, April 23rd. Finally, Raymond James started coverage on Permian Resources in a report on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 target price on the stock. Three research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and an average target price of $19.38.

Permian Resources Price Performance

Shares of PR opened at $17.03 on Thursday. The company has a market cap of $13.14 billion, a P/E ratio of 14.68 and a beta of 4.32. The firm’s 50 day moving average price is $17.06 and its 200 day moving average price is $14.84. Permian Resources has a fifty-two week low of $8.94 and a fifty-two week high of $18.28. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last issued its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.02. The business had revenue of $1.12 billion for the quarter, compared to analysts’ expectations of $1.11 billion. Permian Resources had a return on equity of 10.98% and a net margin of 15.26%.

Institutional Investors Weigh In On Permian Resources

Several hedge funds have recently bought and sold shares of the company. Lord Abbett & CO. LLC increased its holdings in Permian Resources by 16.0% in the 1st quarter. Lord Abbett & CO. LLC now owns 5,651,316 shares of the company’s stock worth $99,803,000 after purchasing an additional 779,433 shares in the last quarter. Midwest Professional Planners LTD. purchased a new stake in Permian Resources in the 1st quarter valued at $1,048,000. First Eagle Investment Management LLC grew its holdings in shares of Permian Resources by 18.3% in the first quarter. First Eagle Investment Management LLC now owns 745,081 shares of the company’s stock valued at $13,158,000 after acquiring an additional 115,000 shares in the last quarter. Entropy Technologies LP purchased a new stake in Permian Resources during the first quarter worth about $5,162,000. Finally, Bleakley Financial Group LLC raised its stake in Permian Resources by 11.9% in the 1st quarter. Bleakley Financial Group LLC now owns 12,504 shares of the company’s stock valued at $221,000 after acquiring an additional 1,325 shares during the period. 91.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the sale, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director William J. Quinn sold 18,076,849 shares of Permian Resources stock in a transaction on Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the completion of the sale, the director now directly owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the firm’s stock in a transaction that occurred 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 $400,251,949.17. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Insiders own 12.80% of the company’s stock.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st will be paid a $0.06 dividend. The ex-dividend date is Monday, May 20th. This represents a $0.24 dividend on an annualized basis and a yield of 1.41%. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. Permian Resources’s payout ratio is 17.24%.

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.