Permian Resources (NYSE:PR) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Permian Resources (NYSE:PR) posted its quarterly earnings results on Wednesday. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.09, FiscalAI reports. The company had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%.

Permian Resources Stock Down 0.7%

Permian Resources stock traded down $0.13 on Wednesday, hitting $17.66. 9,226,586 shares of the stock traded hands, compared to its average volume of 11,494,191. Permian Resources has a 1 year low of $10.01 and a 1 year high of $18.16. The firm has a market cap of $14.64 billion, a P/E ratio of 16.20 and a beta of 0.76. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31. The business’s fifty day simple moving average is $15.28 and its 200 day simple moving average is $14.11.

Insider Activity at Permian Resources

In other Permian Resources news, CEO William M. Hickey III sold 467,725 shares of the company’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $6,375,091.75. Following the sale, the chief executive officer owned 1,010,136 shares in the company, valued at approximately $13,768,153.68. This represents a 31.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Guy M. Oliphint sold 172,904 shares of the firm’s stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total transaction of $2,356,681.52. Following the transaction, the executive vice president directly owned 616,683 shares of the company’s stock, valued at $8,405,389.29. This represents a 21.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 2,210,456 shares of company stock worth $30,231,728 over the last 90 days. 12.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Permian Resources

Institutional investors have recently modified their holdings of the stock. Moneta Group Investment Advisors LLC increased its stake in Permian Resources by 25.7% during the 3rd quarter. Moneta Group Investment Advisors LLC now owns 26,763 shares of the company’s stock valued at $343,000 after purchasing an additional 5,477 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in shares of Permian Resources by 52.7% during the third quarter. Sunbelt Securities Inc. now owns 26,092 shares of the company’s stock valued at $334,000 after buying an additional 9,000 shares during the last quarter. Advisory Services Network LLC increased its position in shares of Permian Resources by 164.7% during the fourth quarter. Advisory Services Network LLC now owns 23,586 shares of the company’s stock valued at $331,000 after acquiring an additional 14,674 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Permian Resources by 43.2% in the 4th quarter. CIBC Asset Management Inc now owns 22,953 shares of the company’s stock worth $322,000 after acquiring an additional 6,926 shares during the last quarter. Finally, iSAM Funds UK Ltd purchased a new position in Permian Resources in the 4th quarter worth approximately $297,000. 91.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. The Goldman Sachs Group upped their price objective on shares of Permian Resources from $17.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, November 14th. Susquehanna reduced their target price on Permian Resources from $20.00 to $18.00 and set a “positive” rating on the stock in a research note on Monday, January 26th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Permian Resources in a research note on Monday, December 29th. Zacks Research raised shares of Permian Resources from a “strong sell” rating to a “hold” rating in a research report on Wednesday, February 18th. Finally, Morgan Stanley dropped their target price on shares of Permian Resources from $19.00 to $18.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and an average target price of $18.71.

About Permian Resources

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.