Oil and gas producer Permian Resources (NYSE: PR) will be reporting results this Wednesday after market close. Here’s what to expect.
Permian Resources beat analysts’ revenue expectations last quarter, reporting revenues of $1.86 billion, up 55.1% year on year. It was a stunning quarter for the company, with a beat of analysts’ EPS estimates. It reported year-on-year oil production growth of 12.2%.
Is Permian Resources a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Permian Resources’s revenue to grow 38.3% year on year, improving from the 8.7% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Permian Resources has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Permian Resources’s peers in the u.s. shale e&p segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Crescent Energy delivered year-on-year revenue growth of 55.9%, beating analysts’ expectations by 3.5%, and Cactus reported revenues up 63.2%, in line with consensus estimates. Cactus traded up 1.8% following the results.
Read our full analysis of Crescent Energy’s results here and Cactus’s results here.
Investors in the u.s. shale e&p segment have had steady hands going into earnings, with share prices flat over the last month. Permian Resources is up 13.3% during the same time and is heading into earnings with an average analyst price target of $28.62 (compared to the current share price of $25.20).
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