Permian Resources Expects Another Excellent Quarter, Analysts Remain Bullish

Truist Securities's Neal Dingmann raised their price target on Permian Resources (NYSE: PR) by 4.5% from $22 to $23 on 2024/04/22. The analyst maintained their Strong Buy rating on the stock.

Dingmann's price target hike was delivered in a preview of Permian Resources' Q1 2024 earnings, scheduled for release on 2024/05/07. The company manages to make impressive operational results appear easy, the analyst told investors. Solid organic activity, including significant former Earthstone Energy assets like the Novo Oil & Gas position, account for their expectation of "another excellent quarter," Dingmann detailed.

This positive outlook from Dingmann aligns with the consensus among analysts, with 81.8% of top-rated analysts currently rating PR as a Strong Buy or Buy. Only 18.2% see it as a Hold, and no analysts recommend or strongly recommend selling the stock.

Another analyst, Susquehanna's Biju Perincheril, also issued an update on PR on 2024/04/22. Perincheril raised their price target by 12.5%, from $16 to $18, and maintained their Hold rating on the stock.

Looking ahead, the consensus forecast among analysts is that PR's upcoming year will deliver earnings per share (EPS) of $2.06. If the analysts are right, PR's next yearly EPS will be up by an impressive 51.5% on a year-over-year basis.

Investors have reason to be optimistic about Permian Resources' performance. Since the company's last quarterly report on 2023/12/31, the stock price has risen by 26.3%. Year-over-year, the stock is up a remarkable 61.8%. During that period, PR has outpaced the S&P 500, which is up 21.1%.

Truist Securities analyst Neal Dingmann's expertise in the Real Estate and Consumer Cyclical sectors, among others, has earned them a high ranking by WallStreetZen. Dingmann is ranked in the top 1% out of 4,559 Wall Street analysts, with an average return of 15.9% and a 66.3% win rate. This track record lends credibility to their positive outlook on Permian Resources.

Centennial Resource Development, Inc., the parent company of Permian Resources, is an independent oil and natural gas company that focuses on the development of unconventional oil and associated liquids-rich natural gas reserves in the United States. With its assets primarily concentrated in the Delaware Basin, a sub-basin of the Permian Basin, Centennial Resource Development has a strong foothold in West Texas and New Mexico. The company's properties consist of acreage blocks primarily in Reeves County in West Texas and Lea County in New Mexico. Centennial Resource Development, Inc., formerly known as Silver Run Acquisition Corporation, changed its name in October 2016. The company was incorporated in 2015 and is headquartered in Denver, Colorado.

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