Nucor earnings beat by $0.08, revenue fell short of estimates
Shannon Robert Regan, Executive Vice President and Chief Accounting Officer at Permian Resources Corp (NYSE:PR), recently sold a portion of company stock. The transaction, disclosed in a recent SEC filing, involved the sale of 2,731 shares of Class A Common Stock, amounting to approximately $38,292. The shares were sold at a weighted average price of $14.0213, with individual transaction prices ranging from $13.93 to $14.18. The stock, currently trading at $12.43, has experienced significant volatility recently, with analysts setting price targets between $14 and $23. According to InvestingPro analysis, the company maintains a "GREAT" financial health score.
This sale was conducted to cover tax withholding obligations related to the vesting of a restricted stock award. The transaction was executed as a mandatory "sell to cover" and did not represent a discretionary trade by Regan. Following the sale, Regan retains ownership of 58,668 shares of Permian Resources. The company appears undervalued based on InvestingPro’s Fair Value analysis, with 5 analysts recently revising earnings estimates upward. Discover more insights and 10+ additional ProTips with an InvestingPro subscription.
In other recent news, Permian Resources Corp reported its fourth-quarter 2024 earnings, revealing an earnings per share (EPS) of $0.29, which did not meet the forecasted $0.35. The company’s revenue also fell short of expectations, coming in at $1.3 billion against a forecast of $1.32 billion. Despite these misses, Citi analysts noted that Permian Resources showcased an adjusted cash flow of approximately $904.1 million, exceeding both the consensus and Citi’s estimates, attributing this to production numbers that surpassed expectations. Furthermore, the company maintained a strong liquidity position with $3 billion, including $500 million in cash, and plans for an 8% growth in oil production for 2025.
In terms of analyst actions, Susquehanna upgraded Permian Resources’ stock rating from Neutral to Positive and increased the price target from $17.00 to $20.00. This upgrade reflects the analyst’s view of the company’s attractive risk/reward profile and its operational advancements. On the other hand, Citi revised its price target for the company, lowering it to $17.00 from $18.00, while maintaining a Buy rating. Citi’s analysts expressed a positive outlook, citing a "modestly strong operational print" and the potential for mergers and acquisitions as supporting factors for the Buy rating.
Permian Resources has been recognized for its successful scale build-up through mergers and acquisitions and improvements in capital efficiency, including reductions in drilling and completion costs. The company’s strategic focus remains on maximizing shareholder value and maintaining a competitive edge through cost efficiency and strategic investments. These recent developments highlight Permian Resources’ ongoing efforts to navigate a challenging market environment while enhancing its operational and financial performance.
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