Permian Resources (NYSE:PR) Issues Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Key Points

• Permian Resources beat quarterly expectations: EPS was $0.69 versus the $0.59 consensus, while revenue reached $1.86 billion compared with estimates of $1.66 billion. Revenue increased 55.1% year over year, and EPS rose from $0.28 a year earlier.
• Analysts remain broadly positive: The stock has an average “Buy” rating and a consensus price target of $23.29, compared with a recent trading price of $19.83.
• Institutional ownership is high: Institutional investors and hedge funds own 91.84% of the company, while EVP Guy M. Oliphint recently sold 62,769 shares at an average price of $20.44.

Permian Resources (NYSE:PR - Get Free Report) announced its quarterly earnings data on Wednesday. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates of $0.59 by $0.10, FiscalAI reports. The firm had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.66 billion. Permian Resources had a return on equity of 10.53% and a net margin of 12.79%.The company's revenue was up 55.1% on a year-over-year basis. During the same period last year, the company earned $0.28 earnings per share.

Permian Resources Price Performance

PR stock traded down $0.67 during midday trading on Wednesday, hitting $19.83. The company's stock had a trading volume of 10,112,084 shares, compared to its average volume of 8,272,763. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31. The company has a 50 day moving average of $19.53 and a two-hundred day moving average of $19.17. Permian Resources has a 12 month low of $11.92 and a 12 month high of $22.67. The firm has a market capitalization of $16.60 billion, a price-to-earnings ratio of 23.05 and a beta of 0.48.

Insider Buying and Selling

In related news, EVP Guy M. Oliphint sold 62,769 shares of Permian Resources stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $20.44, for a total transaction of $1,282,998.36. Following the completion of the transaction, the executive vice president directly owned 542,503 shares of the company's stock, valued at approximately $11,088,761.32. The trade was a 10.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Virtu Financial LLC acquired a new position in shares of Permian Resources in the 4th quarter valued at about $389,000. T. Rowe Price Investment Management Inc. lifted its position in shares of Permian Resources by 3.9% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 9,092,438 shares of the company's stock valued at $127,567,000 after buying an additional 341,674 shares in the last quarter. Invesco Ltd. lifted its position in shares of Permian Resources by 14.4% during the 4th quarter. Invesco Ltd. now owns 6,253,967 shares of the company's stock valued at $87,743,000 after buying an additional 785,890 shares in the last quarter. Corient Private Wealth LLC grew its stake in Permian Resources by 19.4% in the 4th quarter. Corient Private Wealth LLC now owns 53,583 shares of the company's stock valued at $748,000 after acquiring an additional 8,724 shares during the period. Finally, Mercer Global Advisors Inc. ADV grew its stake in Permian Resources by 27.2% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 195,094 shares of the company's stock valued at $2,737,000 after acquiring an additional 41,699 shares during the period. 91.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on PR. Evercore initiated coverage on Permian Resources in a research report on Tuesday, June 23rd. They issued an "outperform" rating and a $25.00 price objective for the company. Citigroup reduced their price objective on shares of Permian Resources from $26.00 to $24.00 and set a "buy" rating for the company in a research report on Wednesday, July 15th. UBS Group lowered their price objective on Permian Resources from $25.00 to $24.00 and set a "buy" rating for the company in a research note on Friday, July 17th. KeyCorp assumed coverage on shares of Permian Resources in a report on Tuesday, April 7th. They set an "overweight" rating and a $25.00 price objective for the company. Finally, Scotiabank raised their target price on Permian Resources from $21.00 to $25.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, April 22nd. Five analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Permian Resources currently has an average rating of "Buy" and an average target price of $23.29.

Permian Resources Company Profile

Permian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source