Permian Resources (NYSE:PR) Announces Earnings Results

Key Points

• Permian Resources beat quarterly estimates, reporting EPS of $0.69 versus $0.61 expected and revenue of $1.96 billion versus $1.78 billion expected. Revenue rose 48.1% year over year.
• Despite the earnings beat, shares fell 6.4% on Wednesday to $22.45.
• Analysts remain broadly bullish: the stock has a consensus “Buy” rating and an average price target of $26.67.

Permian Resources (NYSE:PR - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported $0.69 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.08, FiscalAI reports. The business had revenue of $1.96 billion for the quarter, compared to analysts' expectations of $1.78 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business's quarterly revenue was up 48.1% on a year-over-year basis. During the same period last year, the business earned $0.08 earnings per share.

Permian Resources Stock Down 6.4%

Shares of Permian Resources stock traded down $1.54 on Wednesday, reaching $22.45. The company's stock had a trading volume of 18,298,697 shares, compared to its average volume of 8,606,467. The company has a market capitalization of $18.81 billion, a price-to-earnings ratio of 14.87 and a beta of 0.62. The firm's fifty day simple moving average is $23.42 and its two-hundred day simple moving average is $20.46. Permian Resources has a 52 week low of $12.06 and a 52 week high of $26.07. The company has a quick ratio of 0.62, a current ratio of 0.62 and a debt-to-equity ratio of 0.25.

Insider Transactions at Permian Resources

In other news, EVP John Bell sold 5,492 shares of Permian Resources stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the transaction, the executive vice president owned 1,561,680 shares in the company, valued at $37,089,900. This trade represents a 0.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of Permian Resources stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,220.00. Following the transaction, the executive vice president owned 1,346,698 shares in the company, valued at $31,984,077.50. This trade represents a 0.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 15,699 shares of company stock worth $372,851 in the last ninety days. Insiders own 5.00% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on PR shares. Mizuho upgraded shares of Permian Resources to a "strong-buy" rating in a research report on Friday, July 31st. Morgan Stanley increased their target price on shares of Permian Resources from $25.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, October 15th. Royal Bank Of Canada reissued an "outperform" rating and issued a $27.00 target price on shares of Permian Resources in a research note on Thursday, September 24th. KeyCorp boosted their price target on Permian Resources from $25.00 to $28.00 and gave the company an "overweight" rating in a report on Tuesday, September 15th. Finally, Susquehanna upped their price target on Permian Resources from $25.00 to $30.00 and gave the company a "positive" rating in a research report on Tuesday, October 20th. Five equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $26.67.

About Permian Resources

Permian Resources Corporation NYSE: PR is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company's production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.

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