Q3 2024 EPS Estimates for Permian Resources Co. (NYSE:PR) Reduced by Analyst

Permian Resources Co. (NYSE:PR) – Research analysts at Capital One Financial reduced their Q3 2024 earnings per share estimates for Permian Resources in a report released on Monday, October 14th. Capital One Financial analyst P. Johnston now anticipates that the company will earn $0.31 per share for the quarter, down from their previous forecast of $0.33. The consensus estimate for Permian Resources’ current full-year earnings is $1.49 per share. Capital One Financial also issued estimates for Permian Resources’ Q4 2024 earnings at $0.32 EPS, FY2024 earnings at $1.39 EPS, Q1 2025 earnings at $0.31 EPS, Q2 2025 earnings at $0.33 EPS and FY2025 earnings at $1.36 EPS.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The firm had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the prior year, the firm posted $0.27 earnings per share. Permian Resources’s revenue for the quarter was up 99.9% compared to the same quarter last year.

Several other analysts have also recently issued reports on the company. JPMorgan Chase & Co. cut their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. The Goldman Sachs Group began coverage on Permian Resources in a research report on Monday, September 30th. They set a “buy” rating and a $19.00 price target on the stock. Susquehanna dropped their price target on Permian Resources from $16.00 to $15.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 4th. Wolfe Research began coverage on Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Finally, Citigroup decreased their price target on Permian Resources from $20.00 to $18.00 and set a “buy” rating for the company in a research note on Friday, August 9th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Permian Resources Trading Down 2.0 %

Shares of NYSE PR opened at $14.23 on Tuesday. The stock’s 50 day moving average price is $14.08 and its two-hundred day moving average price is $15.55. Permian Resources has a 52-week low of $12.34 and a 52-week high of $18.28. The stock has a market capitalization of $10.95 billion, a P/E ratio of 12.93, a PEG ratio of 0.85 and a beta of 4.32. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.40.

Permian Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 27th. Stockholders of record on Monday, August 19th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend was Monday, August 19th. Permian Resources’s dividend payout ratio is presently 21.82%.

Insider Transactions at Permian Resources

In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of Permian Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by insiders.

Institutional Trading of Permian Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in shares of Permian Resources by 69.7% in the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after purchasing an additional 19,847,358 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Permian Resources by 480.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,054,560 shares of the company’s stock valued at $106,924,000 after purchasing an additional 5,012,287 shares during the period. Bank of New York Mellon Corp grew its stake 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 valued at $194,585,000 after purchasing an additional 4,497,184 shares during the period. Merewether Investment Management LP grew its stake in shares of 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 period. Finally, Point72 Asset Management L.P. grew its stake in shares of Permian Resources by 16,359.8% in 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. Institutional investors and hedge funds own 91.84% of the company’s stock.

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.