Permian Resources Co. to Post Q2 2024 Earnings of $0.24 Per Share, Roth Capital Forecasts (NASDAQ:PR)

Permian Resources Co. (NASDAQ:PR) – Investment analysts at Roth Capital upped their Q2 2024 earnings per share (EPS) estimates for Permian Resources in a research note issued to investors on Tuesday, May 7th. Roth Capital analyst L. Mariani now forecasts that the company will post earnings per share of $0.24 for the quarter, up from their prior estimate of $0.19. The consensus estimate for Permian Resources’ current full-year earnings is $1.66 per share. Roth Capital also issued estimates for Permian Resources’ Q3 2024 earnings at $0.27 EPS, FY2024 earnings at $1.00 EPS and Q4 2025 earnings at $0.34 EPS.

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

A number of other analysts have also commented on the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Friday, April 12th. Benchmark restated a “buy” rating and set a $17.00 target price on shares of Permian Resources in a research report on Tuesday, April 23rd. Truist Financial boosted their target price on Permian Resources from $22.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, April 22nd. JPMorgan Chase & Co. boosted their target price on Permian Resources from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Friday, April 12th. Finally, Susquehanna boosted their target price on Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research report on Monday, April 22nd. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources presently has an average rating of “Moderate Buy” and a consensus price target of $19.38.

Permian Resources Price Performance

Shares of PR stock opened at $17.26 on Thursday. The stock has a 50-day moving average price of $17.03 and a 200 day moving average price of $14.82. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The firm has a market cap of $13.32 billion, a price-to-earnings ratio of 14.88 and a beta of 4.32. Permian Resources has a 12 month low of $8.94 and a 12 month high of $18.28.

Permian Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st will be paid a $0.06 dividend. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. The ex-dividend date is Monday, May 20th. This represents a $0.24 annualized dividend and a yield of 1.39%. Permian Resources’s payout ratio is presently 17.24%.

Insider Buying and Selling at Permian Resources

In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $15,710,000.00. Following the sale, the director now owns 476,306 shares in the company, valued at approximately $7,482,767.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total value of $15,710,000.00. Following the sale, the director now owns 476,306 shares in the company, valued at approximately $7,482,767.26. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the sale, the chief accounting officer now owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. In the last quarter, insiders have sold 32,916,943 shares of company stock worth $516,796,999. Corporate insiders own 12.80% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

A number of institutional investors and hedge funds have recently made changes to their positions in PR. Global Retirement Partners LLC acquired a new position in shares of Permian Resources during the 1st quarter worth approximately $25,000. YHB Investment Advisors Inc. acquired a new position in shares of Permian Resources during the 1st quarter worth approximately $26,000. Rise Advisors LLC acquired a new position in shares of Permian Resources during the 1st quarter worth approximately $32,000. Parallel Advisors LLC increased 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 last quarter. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Permian Resources during the 4th quarter worth approximately $33,000. Institutional investors own 91.84% 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.