It has been about a month since the last earnings report for Permian Resources (PR Quick QuotePR - Free Report) . Shares have added about 18.4% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Permian Resources due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Permian Resources Corporation before we dive into how investors and analysts have reacted as of late.

Permian Resources Q4 Earnings Beat Estimates, Revenues Miss

Permian Resources reported a fourth-quarter 2025 adjusted net income per share of 37 cents, which beat the Zacks Consensus Estimate of 28 cents. The bottom line also increased from the year-ago quarter’s reported figure of 36 cents. This outperformance was driven by a rise in production volumes.

Meanwhile, Permian Resources’ oil and gas sales of $1.2 billion decreased 9.8% from the year-ago quarter and missed the Zacks Consensus Estimate by 9%.

On Feb. 25, 2026, Permian Resources announced that its board had approved a first-quarter 2026 base dividend of 16 cents per Class A share, up 7% from the prior 15 cents. The dividend will be paid on March 31, 2026, to its shareholders on record as of March 17.

Production & Price Realizations

The average daily fourth-quarter production (comprising 47% oil) was up 9% from the year-ago level to 401,475 barrels of oil equivalent (Boe) but missed the Zacks Consensus Estimate of 403,909 Boe.

Oil volume for the period was 188,633 barrels per day (Bbls/d), up 10.1% year over year. The consensus mark was pegged at 188,760 Bbls/d. PR’s natural gas production was 664,265 thousand cubic feet (Mcf) per day, while NGL output totaled 102,131 Bbls/d.

The average sales price for oil during the fourth quarter was $58.78 per barrel, down 15.6% from the prior-year realization of $69.66. The figure beat the consensus mark of $58.60.

The company reported a negative average sales price of 23 cents per Mcf for natural gas in the fourth quarter compared with a positive price of 37 cents in the year-earlier period. The figure also missed the Zacks Consensus Estimate of a positive sales price of 3 cents.

Meanwhile, the average realized NGL price was $15.44 per barrel, down from $21.03 realized in the fourth quarter of 2024.

Costs & Expenses

Total operating expenses in the quarter rose to $899.5 million from $870.8 million in the year-ago quarter. This was primarily due to a 5.8% year-over-year increase in lease operating costs, which rose to $194.2 million and a 7.9% rise in depreciation, depletion and amortization, which totaled $525 million.

Financial Position

Adjusted cash flow from operations increased 2.3% to $883.6 million, while Permian Resources’ capital expenditure totaled $480.5 million, leading to adjusted free cash flow of $403.1 million.

As of Dec. 31, PR had $153.7 million in cash and cash equivalents. The company had a long-term debt of $3.5 billion, reflecting a debt-to-capitalization of 25.6%.

Guidance for 2026

The company outlined a highly capital-efficient 2026 financial and operating plan supported by steady well performance, reduced drilling costs and industry-leading controllable cash expenses. PR expects crude oil production to be between 186 and 192 MBbls/d and total average production to be between 400 and 430 MBoe/d, implying roughly 4% year-over-year oil growth versus 2025. It has set a total cash capital expenditure budget of $1.75 to $1.95 billion and projects controllable cash costs of $7.15 to $8.15 per Boe. Additionally, the quarterly base dividend was raised 7% to 16 cents per share, equating to a 3.6% annualized yield.

How Have Estimates Been Moving Since Then?

It turns out, estimates review have trended upward during the past month.

The consensus estimate has shifted 23.63% due to these changes.

VGM Scores

Currently, Permian Resources has a average Growth Score of C, however its Momentum Score is doing a lot better with an A. Charting a somewhat similar path, the stock has a score of B on the value side, putting it in the top 40% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Permian Resources has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

Permian Resources belongs to the Zacks Oil and Gas - Exploration and Production - United States industry. Another stock from the same industry, Devon Energy (DVN Quick QuoteDVN - Free Report) , has gained 20.4% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

Devon Energy reported revenues of $4.12 billion in the last reported quarter, representing a year-over-year change of -6.4%. EPS of $0.82 for the same period compares with $1.16 a year ago.

For the current quarter, Devon Energy is expected to post earnings of $0.86 per share, indicating a change of -28.9% from the year-ago quarter. The Zacks Consensus Estimate has changed +4.5% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Devon Energy. Also, the stock has a VGM Score of B.