Permian Resources (NYSE:PR) Releases Earnings Results, Beats Expectations By $0.21 EPS

Permian Resources (NYSE:PR) issued its quarterly earnings results on Wednesday. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21, Briefing.com reports. Permian Resources had a net margin of 21.20% and a return on equity of 11.43%. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.22 billion. During the same quarter in the prior year, the company earned $0.36 EPS. Permian Resources’s quarterly revenue was up 60.3% on a year-over-year basis.

Permian Resources Stock Down 0.3 %

Shares of Permian Resources stock traded down $0.05 during trading on Friday, hitting $14.92. 8,555,543 shares of the stock were exchanged, compared to its average volume of 10,142,558. Permian Resources has a 12-month low of $12.34 and a 12-month high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market cap of $11.97 billion, a price-to-earnings ratio of 9.05, a price-to-earnings-growth ratio of 0.88 and a beta of 4.34. The firm’s 50-day moving average price is $13.89 and its 200 day moving average price is $15.09.

Permian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th will be given a $0.15 dividend. The ex-dividend date is Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a dividend yield of 4.02%. Permian Resources’s dividend payout ratio is currently 14.55%.

Insiders Place Their Bets

In other news, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Robert Regan Shannon sold 4,822 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total transaction of $67,170.46. Following the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction of $67,156.53. Following the completion of the transaction, the executive vice president now owns 77,237 shares in the company, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PR shares. Piper Sandler decreased their target price on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. UBS Group decreased their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Benchmark cut their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Citigroup dropped 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. Finally, Susquehanna lowered 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. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and an average price target of $18.87.

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.