Permian Resources (PR) Set to Announce Earnings on Tuesday

Permian Resources (NASDAQ:PR) is scheduled to be releasing its earnings data after the market closes on Tuesday, November 7th. Analysts expect Permian Resources to post earnings of $0.39 per share for the quarter. Persons that wish to listen to the company’s earnings conference call can do so using this link.

Permian Resources (NASDAQ:PR) last issued its quarterly earnings data on Wednesday, August 2nd. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.33 by ($0.06). The firm had revenue of $623.40 million during the quarter, compared to the consensus estimate of $660.10 million. Permian Resources had a return on equity of 10.67% and a net margin of 18.93%. The company’s revenue for the quarter was up 31.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.61 earnings per share. On average, analysts expect Permian Resources to post $1 EPS for the current fiscal year and $2 EPS for the next fiscal year.

Permian Resources Stock Down 0.5 %

PR opened at $14.84 on Friday. The company has a quick ratio of 0.59, a current ratio of 0.59 and a debt-to-equity ratio of 0.35. The stock has a market cap of $8.40 billion, a price-to-earnings ratio of 10.03 and a beta of 4.47. Permian Resources has a twelve month low of $8.43 and a twelve month high of $15.49. The company’s 50-day moving average price is $14.14 and its two-hundred day moving average price is $11.95.

Analyst Upgrades and Downgrades

PR has been the topic of a number of research analyst reports. Benchmark boosted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the company a “buy” rating in a research note on Wednesday, October 18th. Truist Financial upped their price target on shares of Permian Resources from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Thursday, September 21st. Susquehanna upped their price target on shares of Permian Resources from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Wednesday, October 18th. Stifel Nicolaus upped their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Tuesday, September 5th. Finally, Capital One Financial restated an “overweight” rating on shares of Permian Resources in a research note on Monday, September 18th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Permian Resources has a consensus rating of “Moderate Buy” and a consensus price target of $16.33.

Insider Activity at Permian Resources

In related news, EVP John Charles Bell sold 4,588 shares of the stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $14.84, for a total transaction of $68,085.92. Following the transaction, the executive vice president now owns 53,517 shares of the company’s stock, valued at approximately $794,192.28. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Permian Resources news, EVP John Charles Bell sold 4,588 shares of the firm’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $14.84, for a total value of $68,085.92. Following the sale, the executive vice president now owns 53,517 shares of the company’s stock, valued at approximately $794,192.28. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Brent P. Jensen sold 171,817 shares of the firm’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $14.83, for a total transaction of $2,548,046.11. Following the completion of the sale, the chief accounting officer now directly owns 1,274,114 shares in the company, valued at approximately $18,895,110.62. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,851,987 shares of company stock valued at $315,762,280. Insiders own 23.14% of the company’s stock.

Institutional Investors Weigh In On Permian Resources

Several institutional investors and hedge funds have recently modified their holdings of PR. Vanguard Group Inc. purchased a new position in Permian Resources during the 3rd quarter valued at about $112,804,000. State Street Corp purchased a new position in Permian Resources during the 3rd quarter valued at about $100,979,000. Woodline Partners LP purchased a new position in Permian Resources during the 2nd quarter valued at about $69,964,000. Macquarie Group Ltd. purchased a new position in Permian Resources during the 1st quarter valued at about $59,302,000. Finally, Millennium Management LLC lifted its position in Permian Resources by 1,609.9% during the 4th quarter. Millennium Management LLC now owns 4,870,577 shares of the company’s stock valued at $45,783,000 after acquiring an additional 4,585,728 shares during the period. 53.49% of the stock is owned by hedge funds and other institutional investors.

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. Its assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. The company's properties consist of acreage blocks in Reeves County, West Texas and Lea County, New Mexico.