Permian Resources Corp (NYSE: PR) Surprises The Bears, Looks Good Going Forward

In the last trading session, 5.82 million shares of the Permian Resources Corp (NYSE:PR) were traded, and its beta was 4.36. Most recently the company’s share price was $17.72, and it changed around $0.06 or 0.34% from the last close, which brings the market valuation of the company to $9.59B. PR currently trades at a discount to its 52-week high of $17.74, offering almost -0.11% off that amount. The share price’s 52-week low was $8.80, which indicates that the current value has risen by an impressive 50.34% since then. We note from Permian Resources Corp’s average daily trading volume that its 10-day average is 11.11 million shares, with the 3-month average coming to 9.91 million.

Permian Resources Corp (NYSE:PR) trade information

Instantly PR has showed a green trend with a performance of 0.34% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 31.11% year-to-date, but still up 3.32% over the last five days. On the other hand, Permian Resources Corp (NYSE:PR) is 14.60% up in the 30-day period. We can see from the shorts that 40.83 million shares have been sold at a short interest cover period of 3.3 day(s).

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The consensus price target as assigned by Wall Street analysts is $11.43, which translates to bulls needing to decrease their stock price by -55.03% from its current value. Analyst projections state that PR is forecast to be at a low of $5 and a high of $15.

Permian Resources Corp (PR) estimates and forecasts

Permian Resources Corp share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 27.42 percent over the past six months and at a -21.05% annual growth rate that is well below the industry average of -3.80%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 19.40% in revenue this quarter, and will report an increase of 76.20% in the next quarter. The year-over-year growth rate is expected to be 59.30%, up from the previous year.

Consensus estimates provided by 13 financial analysts predict the company will bring in an average of $1.2 billion in revenue for the current quarter. 13 analysts expect Permian Resources Corp to make $1.21 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $616.27 million and $661.85 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 94.20%. Forecasts for the next quarter put sales growth at 83.10%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 10.57%. Permian Resources Corp earnings are expected to increase by 27.51% in 2024, but the outlook is positive 13.00% per year for the next five years.

PR Dividends

Permian Resources Corp’s next quarterly earnings report is expected to be released around May 06 and May 10. The annual dividend yield of the stock is 1.13 percent and its annual dividend per share was 0.20. It is important to note, however, that the 1.13% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

Permian Resources Corp (NYSE:PR)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 3.46% of Permian Resources Corp shares, and 98.02% of them are in the hands of institutional investors. The stock currently has a share float of 101.53%. Permian Resources Corp stock is held by 497 institutions, with Riverstone Holdings Llc being the largest institutional investor. By Jun 29, 2023, it held 15.80% of the shares, which is about 55.27 million shares worth $605.72 million.

Vanguard Group Inc, with 6.95% or 24.32 million shares worth $266.54 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

College Retirement Equities Fund-Stock Account and iShares Core S&P Midcap ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 9.27 million shares worth $101.62 million, making up 2.65% of all outstanding shares. On the other hand, iShares Core S&P Midcap ETF held roughly 8.68 million shares worth around $121.22 million, which represents about 2.48% of the total shares outstanding.