moneyheap
PR · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Permian Resources Corporation (PR) stock moving?
Permian Resources beat Q3 2026 consensus on both adjusted EPS ($0.69 vs $0.57) and sales ($1.958B vs $1.754B). Production rose 22% quarter over quarter to 457.5 MBoe/d, with cash LOE down 8% to $5.11 per Boe. The company generated $846M of adjusted free cash flow, kept leverage at 0.5x, completed $1.15B of acquisitions, and declared a $0.16 quarterly dividend. Management said its current plan should add about $300M of free cash flow this year versus the February plan, and it raised the oil production midpoint and set the capex midpoint at $2.025B. Wells Fargo kept its Overweight rating but trimmed its price target to $27 from $28. Despite the beat, the stock fell from a $26.02 close on Oct 30 to $21.34 on Nov 5, about 18% lower, on heavy volume of 18.3M and 19.8M shares on Nov 4 and Nov 5. The news items do not state the cause of the decline. The press release cites lower oil prices as a backdrop. Since Nov 6, the stock has stabilized between $21.52 and $21.93 with volume easing to 10.2M, which suggests selling pressure has slowed but the trend has not turned up.
News behind the analysis
- Permian Resources Reports Q3 2026 Financial ResultsPermian Resources reported Q3 2026 adjusted earnings and revenue above analyst expectations. The company also raised its oil production guidance midpoint to 202.5 MBbl/d.
- Permian Resources Q3 Adj. EPS $0.69 Beats $0.57 Estimate, Sales $1.958B Beat $1.754B EstimateAdjusted EPS of $0.69 beat the $0.57 estimate and sales of $1.958B beat the $1.754B estimate. Production averaged 457.5 MBoe/d.
- Permian Resources Q3 2026 Earnings Call TranscriptThe transcript of the Q3 2026 earnings call, where management discussed the quarter's results and outlook.
- Wells Fargo Maintains Overweight on Permian Resources, Lowers Price Target to $27Wells Fargo kept its Overweight rating on Permian Resources and cut its price target to $27 from $28. The target still sits about 24% above the Nov 10 close of $21.72.
- Wells Fargo Maintains Overweight Rating on Permian ResourcesWells Fargo maintained its Overweight rating on Permian Resources while lowering its price target to $27 from $28.
About Permian Resources Corporation
Permian Resources is an independent oil and gas producer based in Midland, Texas. It drills and operates wells only in the Permian Basin, mostly in the Delaware Basin of West Texas and New Mexico. It is one of the largest pure-play Permian producers, known for keeping costs low, buying up land and smaller rivals, and paying down debt to keep an investment-grade balance sheet.
How it makes money
It sells the crude oil, natural gas liquids and natural gas it pumps from its wells. Oil brings in most of the revenue, even though it is only a little under half of the volume it produces. In Q3 2026, sales of oil and gas came to roughly $2 billion and production averaged about 458,000 barrels of oil equivalent a day. Leftover cash goes to shareholders through a regular quarterly dividend (currently $0.16 a share), as well as to paying down debt and buying more acreage.
What usually moves PR
- Crude oil prices
- Natural gas and NGL prices in the Permian region, including pipeline bottlenecks
- Production growth and drilling cost per well
- Acquisitions and land deals
- Free cash flow and shareholder returns