Q3 2024 Earnings Forecast for Permian Resources Co. (NASDAQ:PR) Issued By Capital One Financial

Permian Resources Co. (NASDAQ:PR) – Stock analysts at Capital One Financial lifted their Q3 2024 earnings estimates for Permian Resources in a research report issued to clients and investors on Wednesday, May 8th. Capital One Financial analyst P. Johnston now anticipates that the company will earn $0.46 per share for the quarter, up from their prior estimate of $0.42. The consensus estimate for Permian Resources’ current full-year earnings is $1.66 per share. Capital One Financial also issued estimates for Permian Resources’ Q4 2024 earnings at $0.47 EPS.

Several other research firms have also weighed in on PR. Benchmark reiterated a “buy” rating and issued a $17.00 target price on shares of Permian Resources in a report on Tuesday, April 23rd. Citigroup lifted their target price on Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Stifel Nicolaus increased their price target on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. JPMorgan Chase & Co. lifted their price objective on Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Finally, Susquehanna increased their target price on Permian Resources from $16.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, April 22nd. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $19.38.

Permian Resources Price Performance

Shares of PR stock opened at $17.03 on Friday. The firm has a market cap of $13.14 billion, a price-to-earnings ratio of 14.68 and a beta of 4.32. 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 has a 12 month low of $8.94 and a 12 month high of $18.28. The stock has a 50-day moving average price of $17.06 and a 200 day moving average price of $14.84.

Permian Resources (NASDAQ:PR) last announced 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 for the quarter, compared to analyst estimates of $1.11 billion.

Permian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 29th. Shareholders of record on Tuesday, May 21st will be issued a $0.06 dividend. The ex-dividend date is Monday, May 20th. This is a boost from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 annualized dividend and a yield of 1.41%. Permian Resources’s payout ratio is currently 17.24%.

Insider Transactions at Permian Resources

In other news, Director Robert John Anderson sold 1,000,000 shares of Permian Resources stock in a transaction 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 transaction, the director now owns 476,306 shares in the company, valued at approximately $7,482,767.26. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Robert John Anderson sold 1,000,000 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the completion of the transaction, the director now directly owns 476,306 shares in the company, valued at $7,482,767.26. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Brent P. Jensen sold 1,853 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the completion of the transaction, the chief accounting officer now owns 1,047,610 shares of the company’s stock, valued at $15,337,010.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. 12.80% of the stock is owned by corporate insiders.

Institutional Trading of Permian Resources

Several institutional investors have recently added to or reduced their stakes in the stock. Banco Santander S.A. bought a new stake in shares of Permian Resources during the 1st quarter valued at about $640,000. Lord Abbett & CO. LLC lifted its stake in Permian Resources by 16.0% in the first quarter. Lord Abbett & CO. LLC now owns 5,651,316 shares of the company’s stock valued at $99,803,000 after buying an additional 779,433 shares during the period. Midwest Professional Planners LTD. bought a new position in shares of Permian Resources during the 1st quarter worth approximately $1,048,000. First Eagle Investment Management LLC increased its stake in shares of Permian Resources by 18.3% in the 1st quarter. First Eagle Investment Management LLC now owns 745,081 shares of the company’s stock valued at $13,158,000 after acquiring an additional 115,000 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in shares of Permian Resources during the 1st quarter valued at $5,162,000. 91.84% of the stock is currently 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.