PERMIAN RESOURCES Reports Second Quarter Earnings for FY2023
August 11, 2023
🌥️Earnings Overview
On August 2 2023, PERMIAN RESOURCES ($NYSE:PR) reported their earnings for the second quarter of FY2023, ending June 30 2023. Their total revenue was USD 623.4 million, a 31.9% increase from the same quarter a year ago. Sadly, their net income decreased 61.7% to USD 73.4 million from the same period last year.
Market Price
The stock opened at $11.5 and closed at $11.6, which was a 0.9% decrease from the previous close of $11.7. Despite the slight decrease in stock price, PERMIAN RESOURCES maintained a strong financial performance, with profits up significantly from the same period last year. The company reported increased investments in oil and gas expansion projects, which yielded better profits compared to the same quarter last year. During the course of the quarter, PERMIAN RESOURCES was able to improve efficiency and strengthen their financial position, allowing them to further invest in capital projects.
This increase in capital expenditure is expected to benefit the company in the long run as they continue to expand their operations. The company remains confident in their strategies and is looking forward to continued growth in the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Permian Resources. More…
| Total Revenues | Net Income | Net Margin |
| 2.55k | 488.55 | 15.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Permian Resources. More…
| Operations | Investing | Financing |
| 1.8k | -1.68k | -310.24 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Permian Resources. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 8.93k | 3k | 10.35 |
Key Ratios Snapshot
Some of the financial key ratios for Permian Resources are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 49.2% | 104.5% | 45.8% |
| FCF Margin | ROE | ROA |
| 16.7% | 22.4% | 8.2% |
Analysis
At GoodWhale, we’ve analyzed the financial and business fundamentals of PERMIAN RESOURCES and have given it a medium risk rating. This means that there is still some risk involved in making an investment in this company, but it is not overly high. We have detected two risk warnings in their income sheet and balance sheet, so it is important to consider these when making any decision about investing in PERMIAN RESOURCES. To get a better understanding of the potential risks involved in investing in this company, become a registered user and check it out. More…
Peers
– Petro-Victory Energy Corp ($TSXV:VRY)
Petro-Victory Energy Corp is a publicly traded energy company focused on the acquisition, exploration, and development of oil and gas reserves in the United States. As of 2023, the company has a market cap of 45.52M and a Return on Equity of -58.25%. The market cap is the total value of the company’s shares and represents the total value of its outstanding shares in the market. The Return on Equity, on the other hand, is an indicator of profitability and measures the rate of return on shareholders’ equity. A negative ROE indicates that the company is not generating enough profits to cover its cost of capital, and this could be a cause for concern for investors.
– EOG Resources Inc ($NYSE:EOG)
EOG Resources Inc is an energy company that engages in the exploration, development, production and marketing of crude oil and natural gas. As of 2023, the company has a market capitalization of 66.88 billion and a return on equity of 30.29%. Market capitalization is a measure of the company’s size and is calculated by multiplying the current share price by the number of outstanding shares. On the other hand, return on equity measures the profitability of a company against the amount of shareholder equity invested in the business. This high return on equity indicates that EOG Resources Inc is making good use of its shareholder investments and is profitable.
– Ovintiv Inc ($NYSE:OVV)
Ovintiv Inc. is a leading global energy exploration and production company that focuses on oil and natural gas resources. The company’s market cap of 8.55B reflects the value of its assets and its potential for future growth. Additionally, Ovintiv Inc.’s Return on Equity (ROE) of 33.98% suggests the company has been managing its resources efficiently and effectively, resulting in strong returns compared to its peers. The company has established a strong presence in both the U.S. and Canada and continues to expand its operations into new markets.
Summary
PERMIAN RESOURCES reported its earnings results for the second quarter of FY2023 on August 2 2023. Total revenue was USD 623.4 million, an increase of 31.9% from the same period in the prior year, while reported net income was USD 73.4 million, a decrease of 61.7% over the same period. This suggests that PERMIAN RESOURCES’ revenue growth has outpaced its expenses, however, income from operations decreased significantly in the second quarter. Investors may want to consider the company’s earnings performance in comparison to industry peers and overall market conditions, while analysing whether current and potential investments have potential for returns.
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