Permian Resources (NASDAQ:PR) Issues Quarterly Earnings Results

Permian Resources (NASDAQ:PR) announced its earnings results on Tuesday. The company reported $0.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.01, Briefing.com reports. Permian Resources had a return on equity of 11.43% and a net margin of 13.90%. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.23 billion. During the same quarter in the previous year, the business earned $0.27 earnings per share. The company’s revenue for the quarter was up 99.9% compared to the same quarter last year.

Permian Resources Stock Up 1.3 %

Permian Resources stock opened at $13.90 on Thursday. The stock has a market capitalization of $10.70 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 0.53 and a beta of 4.37. The business has a 50 day simple moving average of $15.63 and a 200-day simple moving average of $15.86. 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 12 month low of $11.78 and a 12 month high of $18.28.

Permian Resources Dividend Announcement

The company also recently declared a dividend, which will be paid on Tuesday, August 27th. Investors of record on Monday, August 19th will be issued a dividend of $0.06 per share. The ex-dividend date is Monday, August 19th. Permian Resources’s dividend payout ratio (DPR) is presently 21.82%.

Wall Street Analysts Forecast Growth

PR has been the topic of a number of research analyst reports. Wells Fargo & Company upped their target price on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Truist Financial increased their price objective on Permian Resources from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Tuesday, July 30th. JPMorgan Chase & Co. lifted their target price on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Friday, April 12th. UBS Group raised shares of Permian Resources from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $20.00 to $21.00 in a research note on Friday, June 14th. Finally, Susquehanna raised their target price on shares of Permian Resources from $16.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, April 22nd. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $20.50.

Insider Activity

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the completion of the sale, the director now directly owns 158,665 shares in the company, valued at approximately $2,605,279.30. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 12.80% of the company’s stock.

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.