Research Analysts Offer Predictions for Permian Resources Co.’s Q3 2024 Earnings (NASDAQ:PR)

Permian Resources Co. (NASDAQ:PR) – Analysts at Capital One Financial lifted their Q3 2024 earnings per share (EPS) estimates for Permian Resources in a research report issued to clients and investors on Wednesday, May 8th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $0.46 per share for the quarter, up from their previous forecast 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.

PR has been the subject of several other research reports. Stifel Nicolaus raised 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. Citigroup lifted their target price on shares of Permian Resources from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Benchmark restated a “buy” rating and set a $17.00 price target on shares of Permian Resources in a research note on Tuesday, April 23rd. Raymond James started coverage on shares of Permian Resources in a research note on Tuesday, April 9th. They set a “strong-buy” rating and a $24.00 price objective for the company. Finally, Piper Sandler upped their target price on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Permian Resources currently has an average rating of “Moderate Buy” and a consensus target price of $19.38.

Permian Resources Stock Performance

Shares of PR stock opened at $17.03 on Friday. The business’s fifty day simple moving average is $17.06 and its 200-day simple moving average is $14.84. Permian Resources has a 12-month low of $8.94 and a 12-month high of $18.28. The company has a market cap of $13.14 billion, a PE ratio of 14.68 and a beta of 4.32. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.42.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%.

Permian Resources Increases Dividend

The business also recently declared 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 of this dividend is Monday, May 20th. This is an increase from Permian Resources’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a yield of 1.41%. Permian Resources’s payout ratio is presently 17.24%.

Insiders Place Their Bets

In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of Permian Resources stock in a transaction on Monday, March 4th. The shares were sold at an average price of $15.71, for a total value of $283,987,297.79. Following the completion of the transaction, the director now owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Permian Resources news, Director William J. Quinn sold 18,076,849 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $15.71, for a total value of $283,987,297.79. Following the sale, the director now directly owns 71,056,620 shares of the company’s stock, valued at $1,116,299,500.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now owns 1,062,345 shares of the company’s stock, valued at $15,457,119.75. The disclosure for this sale can be found here. In the last 90 days, 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 Inflows and Outflows

Several hedge funds have recently modified their holdings of PR. EnCap Energy Capital Fund XI L.P. acquired a new stake in Permian Resources during the 4th quarter worth $353,683,000. Vanguard Group Inc. boosted its position in Permian Resources by 69.7% during the fourth quarter. Vanguard Group Inc. now owns 48,315,321 shares of the company’s stock worth $657,088,000 after acquiring an additional 19,847,358 shares during the last quarter. OnyxPoint Global Management LP acquired a new position in Permian Resources during the fourth quarter worth about $114,159,000. Massachusetts Financial Services Co. MA grew its stake in Permian Resources by 96.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 13,158,892 shares of the company’s stock valued at $178,961,000 after acquiring an additional 6,464,093 shares in the last quarter. Finally, Jennison Associates LLC acquired a new stake in Permian Resources in the 3rd quarter valued at about $76,629,000. Institutional investors and hedge funds 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.