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Warning Sign:
Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Permian Resources has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Permian Resources's Piotroski F-Score or its related term are showing as below:
During the past 10 years, the highest Piotroski F-Score of Permian Resources was 8. The lowest was 3. And the median was 6.
The historical data trend for Permian Resources's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Oil & Gas E&P subindustry, Permian Resources's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Oil & Gas industry and Energy sector, Permian Resources's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Permian Resources's Piotroski F-Score falls into.
How is the Piotroski F-Score calculated?
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Net Income was 102.12 + 73.399 + 45.433 + 255.354 = $476 Mil. Cash Flow from Operations was 438.213 + 448.491 + 480.801 + 845.994 = $2,213 Mil. Revenue was 616.268 + 623.398 + 758.541 + 1122.686 = $3,121 Mil. Gross Profit was 338.035 + 302.928 + 415.796 + 593.504 = $1,650 Mil. Average Total Assets from the begining of this year (Dec22) to the end of this year (Dec23) was (8492.592 + 8723.158 + 8926.325 + 9209.798 + 14965.578) / 5 = $10063.4902 Mil. Total Assets at the begining of this year (Dec22) was $8,493 Mil. Long-Term Debt & Capital Lease Obligation was $3,877 Mil. Total Current Assets was $650 Mil. Total Current Liabilities was $1,242 Mil. |
Net Income was 15.802 + 191.826 + 224.359 + 83.05 = $515 Mil. Revenue was 347.277 + 472.654 + 549.778 + 761.556 = $2,131 Mil. Gross Profit was 225.643 + 335.881 + 369.312 + 485.969 = $1,417 Mil. Average Total Assets from the begining of last year (Dec21) to the end of last year (Dec22) was (3804.594 + 3958.532 + 4224.03 + 8609.632 + 8492.592) / 5 = $5817.876 Mil. Total Assets at the begining of last year (Dec21) was $3,805 Mil. Long-Term Debt & Capital Lease Obligation was $2,182 Mil. Total Current Assets was $464 Mil. Total Current Liabilities was $606 Mil. |
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Permian Resources's current Net Income (TTM) was 476.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Permian Resources's current Cash Flow from Operations (TTM) was 2,213.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Score 1 if it's higher, 0 if it's lower.
ROA (This Year) | = | Net Income | / | Total Assets (Dec22) |
= | 476.306 | / | 8492.592 | |
= | 0.05608488 |
ROA (Last Year) | = | Net Income | / | Total Assets (Dec21) |
= | 515.037 | / | 3804.594 | |
= | 0.13537239 |
Permian Resources's return on assets of this year was 0.05608488. Permian Resources's return on assets of last year was 0.13537239.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Score 1 if CFROA > ROA, 0 if CFROA <= ROA.
Permian Resources's current Net Income (TTM) was 476. Permian Resources's current Cash Flow from Operations (TTM) was 2,213.
==> 2,213 > 476 ==> CFROA > ROA ==> Score 1.
Funding
Question 5. Change in Gearing or Leverage
Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.
Score 0 if this year's gearing is higher, 1 otherwise.
Gearing (This Year: Dec23) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec22 to Dec23 |
= | 3877.083 | / | 10063.4902 | |
= | 0.38526226 |
Gearing (Last Year: Dec22) | = | Long-Term Debt & Capital Lease Obligation | / | Average Total Assets from Dec21 to Dec22 |
= | 2182.139 | / | 5817.876 | |
= | 0.37507486 |
Permian Resources's gearing of this year was 0.38526226. Permian Resources's gearing of last year was 0.37507486.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Current Ratio (This Year: Dec23) | = | Total Current Assets | / | Total Current Liabilities |
= | 650.392 | / | 1241.553 | |
= | 0.52385359 |
Current Ratio (Last Year: Dec22) | = | Total Current Assets | / | Total Current Liabilities |
= | 463.79 | / | 605.569 | |
= | 0.76587474 |
Permian Resources's current ratio of this year was 0.52385359. Permian Resources's current ratio of last year was 0.76587474.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Permian Resources's number of shares in issue this year was 502.133. Permian Resources's number of shares in issue last year was 329.479.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gross Margin (This Year: TTM) | = | Gross Profit | / | Revenue |
= | 1650.263 | / | 3120.893 | |
= | 0.5287791 |
Gross Margin (Last Year: TTM) | = | Gross Profit | / | Revenue |
= | 1416.805 | / | 2131.265 | |
= | 0.66477186 |
Permian Resources's gross margin of this year was 0.5287791. Permian Resources's gross margin of last year was 0.66477186.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Asset Turnover (This Year) | = | Revenue | / | Total Assets at the Beginning of This Year (Dec22) |
= | 3120.893 | / | 8492.592 | |
= | 0.36748416 |
Asset Turnover (Last Year) | = | Revenue | / | Total Assets at the Beginning of Last Year (Dec21) |
= | 2131.265 | / | 3804.594 | |
= | 0.56018198 |
Permian Resources's asset turnover of this year was 0.36748416. Permian Resources's asset turnover of last year was 0.56018198.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score | = | Que. 1 | + | Que. 2 | + | Que. 3 | + | Que. 4 | + | Que. 5 | + | Que. 6 | + | Que. 7 | + | Que. 8 | + | Que. 9 |
= | 1 | + | 1 | + | 0 | + | 1 | + | 0 | + | 0 | + | 0 | + | 0 | + | 0 | |
= | 3 |
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Permian Resources has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Permian Resources (NYSE:PR) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Thank you for viewing the detailed overview of Permian Resources's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Guy M Oliphint | officer: EVP, Chief Financial Officer | C/O PENNIAN RESOURCES CORPORATION, I300 N. MARIENFELD ST., SUITE 1000, MIDLAND TX 79701 |
Silver Run Sponsor, Llc | 10 percent owner | 1000 LOUISIANA STREET, SUITE 1450, C/O RIVERSTONE EQUITY, HOUSTON TX 77002 |
Encap Energy Capital Fund Viii, L.p. | 10 percent owner | 9651 KATY FREEWAY, SUITE 600, HOUSTON TX 77024 |
Ngp Xi Us Holdings, L.p. | 10 percent owner | 2850 N HARWOOD STREET, 19TH FLOOR, DALLAS TX 75201 |
Riverstone Non-eci Usrpi Aiv, L.p. | 10 percent owner | C/O RIVERSTONE HOLDINGS, 712 FIFTH AVENUE, 36TH FLOOR, NEW YORK NY 10019 |
Rel Us Centennial Holdings, Llc | 10 percent owner | C/O RIVERSTONE HOLDINGS, 712 FIFTH AVENUE, 36TH FLOOR, NEW YORK NY 10019 |
Robert John Anderson | director | 1400 WOODLOCH FOREST DRIVE, SUITE 300, THE WOODLANDS TX 77380 |
U.s. Bank Trust Company, National Association | 10 percent owner | 111 SW FIFTH AVENUE, PORTLAND OR 97204 |
Encap Energy Capital Fund Xi, L.p. | 10 percent owner | 9651 KATY FREEWAY, SUITE 600, HOUSTON TX 77024 |
Frost W. Cochran | director | 34 S. WYNDEN DR, STE 300, HOUSTON TX 77056 |
Encap Energy Capital Fund Ix, L.p. | 10 percent owner | 9651 KATY FREEWAY, SUITE 600, HOUSTON TX 77024 |
Bold Energy Holdings, Llc | 10 percent owner | 600 N. MARIENFELD ST., SUITE 1000, MIDLAND TX 79701 |
Encap Partners Gp, Llc | 10 percent owner | 9651 KATY FREEWAY, SUITE 600, HOUSTON TX 77024 |
Brent P Jensen | officer: SVP, Chief Accounting Officer | C/O CENTENNIAL RESOURCE DEVELOPMENT, INC, 1401 SEVENTEENTH STREET, SUITE 1000, DENVER CO 80202 |
John Charles Bell | officer: EVP & General Counsel | C/O CENTENNIAL RESOURCE DEVELOPMENT, INC, 1001 SEVENTEENTH STREET, SUITE 1800, DENVER CO 80202 |
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