Permian Resources Co. (NASDAQ:PR) Forecasted to Earn FY2024 Earnings of $1.74 Per Share

Permian Resources Co. (NASDAQ:PR - Free Report) - Stock analysts at Capital One Financial lifted their FY2024 EPS estimates for Permian Resources in a note issued to investors on Monday, May 13th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $1.74 per share for the year, up from their prior estimate of $1.73. The consensus estimate for Permian Resources' current full-year earnings is $1.83 per share. Capital One Financial also issued estimates for Permian Resources' FY2025 earnings at $1.90 EPS.

Several other analysts also recently weighed in on PR. Piper Sandler lifted their price target on shares of Permian Resources from $22.00 to $23.00 and gave the company an "overweight" rating in a research note on Friday, April 19th. Stifel Nicolaus upped their price objective on shares of Permian Resources from $18.00 to $20.00 and gave the company a "buy" rating in a report on Friday, March 22nd. JPMorgan Chase & Co. lifted their price target on Permian Resources from $18.00 to $20.00 and gave the stock an "overweight" rating in a research report on Friday, April 12th. Citigroup upped their price objective on shares of Permian Resources from $17.00 to $19.00 and gave the company a "buy" rating in a report on Friday, March 1st. Finally, Benchmark reiterated a "buy" rating and set a $17.00 price target on shares of Permian Resources in a research report on Tuesday, April 23rd. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $19.38.

Permian Resources Trading Up 0.3 %

Shares of PR traded up $0.05 during midday trading on Tuesday, hitting $16.81. The stock had a trading volume of 26,378,017 shares, compared to its average volume of 9,536,788. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.55 and a quick ratio of 0.55. Permian Resources has a 1 year low of $8.94 and a 1 year high of $18.28. The firm has a market cap of $12.97 billion, a PE ratio of 15.28 and a beta of 4.32. The stock's 50 day moving average is $17.12 and its 200 day moving average is $14.88.

Permian Resources (NASDAQ:PR - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, beating analysts' consensus estimates of $0.33 by $0.02. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The company had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 29th. Stockholders of record on Tuesday, May 21st will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date is Monday, May 20th. This is an increase from Permian Resources's previous quarterly dividend of $0.05. Permian Resources's dividend payout ratio (DPR) is currently 18.18%.

Insider Activity at Permian Resources

In related news, CAO Brent P. Jensen sold 1,853 shares of the firm's stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the transaction, the chief accounting officer now directly owns 1,047,610 shares of the company's stock, valued at approximately $15,337,010.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Brent P. Jensen sold 203,687 shares of the firm's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares of the company's stock, valued at approximately $15,457,119.75. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now owns 1,047,610 shares of the company's stock, valued at $15,337,010.40. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock worth $516,796,999 over the last 90 days. Company insiders own 12.80% of the company's stock.

Institutional Trading of Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in PR. Global Retirement Partners LLC acquired a new stake in shares of Permian Resources during the first quarter worth $25,000. YHB Investment Advisors Inc. purchased a new stake in Permian Resources in the 1st quarter valued at about $26,000. Parallel Advisors LLC lifted its holdings in shares of Permian Resources by 117.0% during the 4th quarter. Parallel Advisors LLC now owns 2,185 shares of the company's stock worth $30,000 after acquiring an additional 1,178 shares during the period. Rise Advisors LLC purchased a new position in shares of Permian Resources during the 1st quarter worth about $32,000. Finally, DekaBank Deutsche Girozentrale acquired a new stake in shares of Permian Resources in the fourth quarter worth approximately $33,000. 91.84% of the stock is currently owned by hedge funds and other institutional investors.

Permian Resources Company Profile

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.