Permian Resources Co. (NASDAQ:PR – Free Report) – Capital One Financial cut their Q4 2023 earnings per share (EPS) estimates for shares of Permian Resources in a research note issued to investors on Tuesday, November 14th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings per share of $0.47 for the quarter, down from their previous estimate of $0.48. Capital One Financial currently has a “Overweight” rating on the stock. The consensus estimate for Permian Resources’ current full-year earnings is $1.48 per share. Capital One Financial also issued estimates for Permian Resources’ Q1 2024 earnings at $0.43 EPS, Q2 2024 earnings at $0.45 EPS, Q3 2024 earnings at $0.48 EPS, Q4 2024 earnings at $0.50 EPS and FY2024 earnings at $1.86 EPS.
PR has been the subject of several other research reports. Truist Financial lifted their price objective on Permian Resources from $18.00 to $19.00 and gave the company a “buy” rating in a research report on Thursday, September 21st. UBS Group lifted their price objective on Permian Resources from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, October 4th. Wells Fargo & Company started coverage on Permian Resources in a research report on Wednesday. They issued an “overweight” rating and a $17.00 price objective for the company. Susquehanna cut their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, November 9th. Finally, Citigroup boosted their target price on Permian Resources from $16.00 to $17.00 and gave the stock a “buy” rating in a research report on Monday, October 16th. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $16.31.
Permian Resources Price Performance
Permian Resources stock opened at $12.90 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.74 and a quick ratio of 0.74. The company has a market capitalization of $7.30 billion, a PE ratio of 14.18 and a beta of 4.47. Permian Resources has a one year low of $8.43 and a one year high of $15.49. The business has a 50 day simple moving average of $13.99 and a 200 day simple moving average of $12.13.
Permian Resources Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Shareholders of record on Monday, November 20th will be paid a $0.05 dividend. The ex-dividend date is Friday, November 17th. This represents a $0.20 dividend on an annualized basis and a yield of 1.55%. Permian Resources’s payout ratio is 21.98%.
In other news, CAO Brent P. Jensen sold 171,817 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $14.83, for a total value of $2,548,046.11. Following the sale, the chief accounting officer now directly owns 1,274,114 shares in the company, valued at $18,895,110.62. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Brent P. Jensen sold 171,817 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $14.83, for a total value of $2,548,046.11. Following the sale, the chief accounting officer now directly owns 1,274,114 shares in the company, valued at $18,895,110.62. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder Xi Us Holdings L.P. Ngp sold 24,667,500 shares of the business’s stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $12.69, for a total value of $313,030,575.00. Following the completion of the sale, the insider now owns 44,359,656 shares in the company, valued at $562,924,034.64. The disclosure for this sale can be found here. Insiders have sold a total of 24,851,987 shares of company stock worth $315,762,280 over the last three months. Corporate insiders own 23.14% of the company’s stock.
Institutional Trading of Permian Resources
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Chilton Capital Management LLC raised 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 buying an additional 1,000 shares during the period. Quarry LP bought a new stake in Permian Resources in the first quarter valued at approximately $33,000. Arcadia Investment Management Corp MI raised its stake in Permian Resources by 130.9% in the first quarter. Arcadia Investment Management Corp MI now owns 4,103 shares of the company’s stock valued at $43,000 after buying an additional 2,326 shares during the period. Clearstead Advisors LLC bought a new stake in Permian Resources in the third quarter valued at approximately $45,000. Finally, Sandia Investment Management LP bought a new stake in Permian Resources in the first quarter valued at approximately $52,000. Institutional investors own 53.49% 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. 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.
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