Permian Resources Co. Forecasted to Post Q3 2024 Earnings of $0.33 Per Share (NASDAQ:PR)

Permian Resources Co. (NASDAQ:PR) – Research analysts at Capital One Financial lowered their Q3 2024 earnings per share estimates for shares of Permian Resources in a note issued to investors on Tuesday, September 17th. Capital One Financial analyst P. Johnston now expects that the company will earn $0.33 per share for the quarter, down from their previous estimate of $0.40. The consensus estimate for Permian Resources’ current full-year earnings is $1.57 per share. Capital One Financial also issued estimates for Permian Resources’ Q4 2024 earnings at $0.35 EPS, FY2024 earnings at $1.44 EPS, Q1 2025 earnings at $0.33 EPS, Q2 2025 earnings at $0.34 EPS, Q3 2025 earnings at $0.35 EPS and Q4 2025 earnings at $0.36 EPS.

PR has been the topic of several other reports. BMO Capital Markets raised Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 target price on the stock in a research report on Wednesday, July 3rd. Piper Sandler reduced their target price on Permian Resources from $23.00 to $21.00 and set an “overweight” rating on the stock in a research report on Thursday, August 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $20.00 target price on shares of Permian Resources in a research report on Monday, August 12th. Susquehanna reduced their target price 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. Finally, Citigroup reduced their target price on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday, August 9th. Two research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average price target of $19.50.

Permian Resources Trading Down 0.8 %

PR opened at $13.91 on Thursday. The firm has a market cap of $10.71 billion, a price-to-earnings ratio of 12.75, a PEG ratio of 0.77 and a beta of 4.33. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40. Permian Resources has a 12 month low of $12.34 and a 12 month high of $18.28. The stock has a fifty day moving average price of $14.56 and a 200-day moving average price of $15.85.

Permian Resources (NASDAQ:PR) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, topping the consensus estimate of $0.38 by $0.01. The firm had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.91% and a net margin of 15.62%. The business’s revenue for the quarter was up 99.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.27 EPS.

Permian Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.24 dividend on an annualized basis and a yield of 1.73%. Permian Resources’s dividend payout ratio is currently 21.82%.

Insiders Place Their Bets

In other Permian Resources news, EVP John Charles Bell sold 4,821 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 transaction of $67,156.53. Following the transaction, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Permian Resources news, 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 transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Permian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Simplicity Wealth LLC increased its holdings in shares of Permian Resources by 5.2% in the second quarter. Simplicity Wealth LLC now owns 13,150 shares of the company’s stock valued at $212,000 after purchasing an additional 646 shares during the last quarter. GAMMA Investing LLC increased its stake in Permian Resources by 19.6% during the second quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $70,000 after acquiring an additional 716 shares during the last quarter. Azzad Asset Management Inc. ADV increased its stake in Permian Resources by 2.0% during the first quarter. Azzad Asset Management Inc. ADV now owns 38,347 shares of the company’s stock worth $677,000 after acquiring an additional 740 shares during the last quarter. Mount Yale Investment Advisors LLC increased its stake in Permian Resources by 3.1% during the first quarter. Mount Yale Investment Advisors LLC now owns 25,690 shares of the company’s stock worth $454,000 after acquiring an additional 781 shares during the last quarter. Finally, Larson Financial Group LLC increased its stake in Permian Resources by 0.5% during the second quarter. Larson Financial Group LLC now owns 209,245 shares of the company’s stock worth $3,379,000 after acquiring an additional 949 shares during the last quarter. 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.