In its upcoming report, Permian Resources (PR) is predicted by Wall Street analysts to post quarterly earnings of $0.28 per share, reflecting a decline of 22.2% compared to the same period last year. Revenues are forecasted to be $1.28 billion, representing a year-over-year decrease of 0.9%.
The consensus EPS estimate for the quarter has been revised 12.4% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
Bearing this in mind, let's now explore the average estimates of specific Permian Resources metrics that are commonly monitored and projected by Wall Street analysts.
Analysts predict that the 'Average daily net production - Total' will reach 403909 barrels of oil equivalent per day. The estimate compares to the year-ago value of 368414 barrels of oil equivalent per day.
Analysts' assessment points toward 'Average daily net production - Natural gas' reaching 679771 thousands of cubic feet per day. The estimate is in contrast to the year-ago figure of 634546 thousands of cubic feet per day.
Based on the collective assessment of analysts, 'Average daily net production - NGL' should arrive at 102533 barrels of oil per day. The estimate is in contrast to the year-ago figure of 91382 barrels of oil per day.
It is projected by analysts that the 'Average daily net production - Oil' will reach 188760 barrels of oil per day. Compared to the current estimate, the company reported 171274 barrels of oil per day in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Average sales prices - Oil - Including Derivative Cash Settlements' of $62.18 . The estimate is in contrast to the year-ago figure of $70.75 .
Analysts forecast 'Average sales prices - NGL - Excluding the effects of GP&T' to reach $15.71 . Compared to the present estimate, the company reported $24.05 in the same quarter last year.
The average prediction of analysts places 'Average sales prices - Oil - Excluding the effects of hedging' at $58.60 . The estimate compares to the year-ago value of $69.66 .
View all Key Company Metrics for Permian Resources here>>>
Over the past month, shares of Permian Resources have returned +22.4% versus the Zacks S&P 500 composite's -0.8% change. Currently, PR carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Permian Resources Corporation (PR): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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