Permian Resources Corp. (PR) shares tumbled 7.34% on Tuesday, despite the company reporting better-than-expected earnings for the third quarter of 2024 and raising its full-year production guidance.
The oil and gas exploration company reported Q3 earnings per share of $0.35, surpassing the Zacks Consensus Estimate of $0.32. However, Permian Resources' revenue of $1.22 billion fell short of analyst expectations, missing the consensus estimate by 1.7%.
While the company's operational performance was solid, with improved efficiencies leading to reduced cycle times and lower well costs, the revenue miss and exposure to volatile natural gas prices may have weighed on investor sentiment. Regional natural gas prices remained under pressure due to pipeline capacity constraints, although Permian Resources stated that additional capacity is expected in the near-term.
On a positive note, Permian Resources increased its 2024 oil production target by 6.5 MBbls/d to 158.5 MBbls/d and raised its total production target by 16.0 MBoe/d to 341.0 MBoe/d. The majority of the increase was driven by strong well performance and the recently closed Barilla Draw acquisition.
The company also announced a quarterly base dividend of $0.15 per share, marking a 150% increase from the previous quarter. However, some investors may have anticipated a more substantial dividend hike or additional share buybacks, contributing to the stock's decline.
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