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Permian Resources (PR) Outpaces Stock Market Gains: What You Should Know
Permian Resources (PR - Free Report) closed at $9.59 in the latest trading session, marking a +1.16% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.56%. At the same time, the Dow added 0.41%, and the tech-heavy Nasdaq gained 1.35%.
Heading into today, shares of the company had lost 10.31% over the past month, lagging the Oils-Energy sector's loss of 8% and the S&P 500's loss of 1.48% in that time.
Wall Street will be looking for positivity from Permian Resources as it approaches its next earnings report date. The company is expected to report EPS of $0.45, up 21.62% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $698.43 million, up 101.12% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $2.09 per share and revenue of $3.14 billion. These totals would mark changes of +40.27% and +47.43%, respectively, from last year.
Any recent changes to analyst estimates for Permian Resources should also be noted by investors. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 5.99% lower. Permian Resources is currently sporting a Zacks Rank of #3 (Hold).
Digging into valuation, Permian Resources currently has a Forward P/E ratio of 4.53. This represents a discount compared to its industry's average Forward P/E of 5.23.
The Oil and Gas - Exploration and Production - United States industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 226, which puts it in the bottom 11% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.