Capital One Financial Weighs in on Permian Resources Co.’s Q1 2024 Earnings (NASDAQ:PR)

Permian Resources Co. (NASDAQ:PR) – Stock analysts at Capital One Financial raised their Q1 2024 EPS estimates for shares of Permian Resources in a report issued on Wednesday, April 3rd. Capital One Financial analyst P. Johnston now forecasts that the company will earn $0.34 per share for the quarter, up from their previous estimate of $0.30. The consensus estimate for Permian Resources’ current full-year earnings is $1.55 per share. Capital One Financial also issued estimates for Permian Resources’ Q2 2024 earnings at $0.40 EPS, Q3 2024 earnings at $0.42 EPS, Q4 2024 earnings at $0.44 EPS, FY2024 earnings at $1.60 EPS and FY2025 earnings at $1.82 EPS.

Other research analysts have also issued research reports about the stock. Piper Sandler increased their price target on shares of Permian Resources from $17.00 to $22.00 and gave the stock an “overweight” rating in a research note on Thursday, March 7th. Truist Financial lowered their target price on shares of Permian Resources from $24.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday. Wells Fargo & Company lifted their target price on shares of Permian Resources from $17.00 to $18.00 and gave the stock an “overweight” rating in a report on Tuesday, March 5th. Bank of America assumed coverage on shares of Permian Resources in a report on Friday, January 5th. They issued a “neutral” rating and a $15.00 target price on the stock. Finally, Stifel Nicolaus lifted their target price on shares of Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Three research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $18.00.

Permian Resources Stock Performance

Shares of PR opened at $17.79 on Monday. The company’s fifty day moving average is $15.60 and its 200-day moving average is $14.31. Permian Resources has a 12 month low of $8.94 and a 12 month high of $18.07. The firm has a market cap of $13.73 billion, a price-to-earnings ratio of 15.34 and a beta of 4.35. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last released its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion.

Permian Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 21st. Stockholders of record on Wednesday, March 13th were given a dividend of $0.05 per share. The ex-dividend date was Tuesday, March 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.12%. Permian Resources’s dividend payout ratio (DPR) is currently 17.24%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total value of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the transaction, the insider now directly owns 25,477,527 shares in the company, valued at $400,251,949.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William J. Quinn sold 18,076,849 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total transaction of $283,987,297.79. Following the transaction, the director now owns 71,056,620 shares in the company, valued at $1,116,299,500.20. The disclosure for this sale can be found here. Insiders have sold a total of 32,916,943 shares of company stock worth $516,796,999 over the last ninety days. Corporate insiders own 23.14% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently modified their holdings of PR. Parallel Advisors LLC increased its stake in Permian Resources by 117.0% in the fourth quarter. Parallel Advisors LLC now owns 2,185 shares of the company’s stock valued at $30,000 after purchasing an additional 1,178 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Permian Resources in the fourth quarter valued at approximately $33,000. Chilton Capital Management LLC increased its stake in Permian Resources by 50.0% in the second quarter. Chilton Capital Management LLC now owns 3,000 shares of the company’s stock valued at $33,000 after purchasing an additional 1,000 shares in the last quarter. Quarry LP bought a new stake in Permian Resources in the first quarter valued at approximately $33,000. Finally, GAMMA Investing LLC bought a new stake in Permian Resources in the fourth quarter valued at approximately $43,000. 91.84% of the stock is owned by institutional investors.

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.