Q3 2024 EPS Estimates for Permian Resources Co. Boosted by Analyst (NASDAQ:PR)

Permian Resources Co. (NASDAQ:PR) – Equities research analysts at Roth Capital raised their Q3 2024 EPS estimates for shares of Permian Resources in a note issued to investors on Wednesday, August 7th. Roth Capital analyst L. Mariani now forecasts that the company will post earnings of $0.33 per share for the quarter, up from their previous estimate of $0.29. The consensus estimate for Permian Resources’ current full-year earnings is $1.72 per share. Roth Capital also issued estimates for Permian Resources’ Q4 2024 earnings at $0.36 EPS.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.38 by $0.01. The company had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 12.45%. The company’s revenue for the quarter was up 99.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.27 earnings per share.

Other equities analysts also recently issued research reports about the stock. Piper Sandler lifted their target price on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a research note on Friday, April 19th. Benchmark reaffirmed a “buy” rating and set a $17.00 price target on shares of Permian Resources in a research report on Wednesday. Wolfe Research initiated coverage on shares of Permian Resources in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. BMO Capital Markets raised shares of Permian Resources from a “market perform” rating to an “outperform” rating and set a $21.00 price target on the stock in a research report on Wednesday, July 3rd. Finally, Citigroup cut their price target on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a research report on Friday. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $20.14.

Permian Resources Stock Performance

NASDAQ PR opened at $14.61 on Friday. The company has a market capitalization of $11.25 billion, a price-to-earnings ratio of 13.28, a PEG ratio of 0.53 and a beta of 4.37. Permian Resources has a twelve month low of $12.10 and a twelve month high of $18.28. The stock has a fifty day simple moving average of $15.56 and a 200 day simple moving average of $15.88. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42.

Permian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 27th. Shareholders of record on Monday, August 19th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend is Monday, August 19th. Permian Resources’s payout ratio is 21.82%.

Insiders Place Their Bets

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total value of $1,067,300.00. Following the completion of the sale, the director now directly owns 158,665 shares of the company’s stock, valued at approximately $2,605,279.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Mutual of America Capital Management LLC boosted its holdings in Permian Resources by 7.4% in the 2nd quarter. Mutual of America Capital Management LLC now owns 643,521 shares of the company’s stock worth $10,393,000 after buying an additional 44,482 shares during the period. Renaissance Technologies LLC boosted its holdings in Permian Resources by 20.6% in the 2nd quarter. Renaissance Technologies LLC now owns 9,108,803 shares of the company’s stock worth $147,107,000 after buying an additional 1,555,884 shares during the period. Quantbot Technologies LP boosted its holdings in Permian Resources by 54.3% in the 2nd quarter. Quantbot Technologies LP now owns 558,579 shares of the company’s stock worth $9,021,000 after buying an additional 196,542 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Permian Resources by 9.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 16,607,623 shares of the company’s stock worth $268,213,000 after buying an additional 1,471,833 shares during the period. Finally, Inspire Advisors LLC bought a new position in Permian Resources in the 2nd quarter worth approximately $620,000. 91.84% of the stock is owned by institutional investors.

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.