FY2024 EPS Forecast for Permian Resources Boosted by Analyst

Permian Resources Co. (NYSE:PR) – Investment analysts at Capital One Financial raised their FY2024 earnings per share estimates for shares of Permian Resources in a research note issued to investors on Monday, January 27th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $1.43 per share for the year, up from their previous estimate of $1.41. The consensus estimate for Permian Resources’ current full-year earnings is $1.44 per share.

Permian Resources (NYSE:PR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.22 billion. During the same period in the previous year, the company posted $0.36 earnings per share. The business’s revenue was up 60.3% on a year-over-year basis.

A number of other equities analysts have also weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research report on Monday, October 14th. Truist Financial boosted their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Benchmark cut their price target on Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a report on Wednesday, October 16th. Morgan Stanley started coverage on Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective on the stock. Finally, Piper Sandler upped their target price on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Wednesday. Two research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and a consensus target price of $19.13.

Permian Resources Trading Up 1.5 %

Shares of PR opened at $15.11 on Tuesday. Permian Resources has a 52-week low of $12.59 and a 52-week high of $18.28. The stock has a market cap of $12.14 billion, a PE ratio of 9.16, a price-to-earnings-growth ratio of 4.60 and a beta of 4.32. The firm’s fifty day moving average is $14.96 and its two-hundred day moving average is $14.59. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Permian Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Thursday, November 14th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.97%. Permian Resources’s dividend payout ratio (DPR) is currently 36.36%.

Insider Activity

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $15.30, for a total value of $134,043.30. Following the completion of the transaction, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at $2,059,640.10. The trade was a 6.11 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 12.80% of the company’s stock.

Institutional Trading of Permian Resources

Hedge funds have recently made changes to their positions in the business. Hexagon Capital Partners LLC grew its stake in Permian Resources by 28,542.9% during the 3rd quarter. Hexagon Capital Partners LLC now owns 2,005 shares of the company’s stock worth $27,000 after purchasing an additional 1,998 shares in the last quarter. ORG Wealth Partners LLC purchased a new position in shares of Permian Resources in the 4th quarter valued at about $31,000. UMB Bank n.a. grew its position in shares of Permian Resources by 99.2% during the third quarter. UMB Bank n.a. now owns 2,791 shares of the company’s stock worth $38,000 after buying an additional 1,390 shares in the last quarter. Sunbelt Securities Inc. increased its stake in shares of Permian Resources by 33.4% during the third quarter. Sunbelt Securities Inc. now owns 3,192 shares of the company’s stock worth $43,000 after buying an additional 800 shares during the period. Finally, Blue Trust Inc. raised its holdings in Permian Resources by 399.5% in the third quarter. Blue Trust Inc. now owns 3,287 shares of the company’s stock valued at $45,000 after acquiring an additional 2,629 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

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.