Permian Resources (NYSE:PR) Posts Quarterly Earnings Results, Hits Estimates

Permian Resources (NYSE:PR) announced its quarterly earnings data on Tuesday. The company reported $0.36 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.36, Zacks reports. Permian Resources had a net margin of 21.20% and a return on equity of 11.15%.

Permian Resources Stock Performance

Shares of NYSE:PR traded down $0.41 during midday trading on Tuesday, hitting $13.65. The company’s stock had a trading volume of 10,246,352 shares, compared to its average volume of 7,516,562. Permian Resources has a fifty-two week low of $12.62 and a fifty-two week high of $18.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The stock has a market capitalization of $10.97 billion, a price-to-earnings ratio of 8.27, a PEG ratio of 4.05 and a beta of 4.28. The stock’s 50 day simple moving average is $14.68 and its 200 day simple moving average is $14.48.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 17th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.40%. Permian Resources’s dividend payout ratio (DPR) is 36.36%.

Insider Activity at Permian Resources

In other news, CFO Guy M. Oliphint sold 8,761 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 134,617 shares of the company’s stock, valued at approximately $2,059,640.10. This represents a 6.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 12.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on PR. Truist Financial raised their target price on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Morgan Stanley began coverage on shares of Permian Resources in a research report on Friday, January 10th. They set an “overweight” rating and a $19.00 price objective on the stock. Finally, Piper Sandler increased their target price on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.13.

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.