Permian Resources Co. (NYSE:PR) Announces Quarterly Dividend of $0.15

Permian Resources Co. (NYSE:PR) announced a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Investors of record on Thursday, November 14th will be given a dividend of 0.15 per share on Friday, November 22nd. This represents a $0.60 dividend on an annualized basis and a yield of 4.01%. The ex-dividend date of this dividend is Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06.

Permian Resources has a payout ratio of 15.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Permian Resources to earn $1.65 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 14.5%.

Permian Resources Stock Up 2.7 %

Shares of NYSE:PR opened at $14.97 on Friday. The firm has a market capitalization of $12.01 billion, a PE ratio of 9.07, a price-to-earnings-growth ratio of 0.88 and a beta of 4.34. The business has a 50 day simple moving average of $13.88 and a two-hundred day simple moving average of $15.11. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.50 and a quick ratio of 0.50.

Permian Resources (NYSE:PR) last released its earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. The business had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. Permian Resources had a return on equity of 11.43% and a net margin of 21.20%. The business’s revenue was up 99.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.27 earnings per share. On average, equities analysts predict that Permian Resources will post 1.46 EPS for the current year.

Insider Buying and Selling

In other news, EVP John Charles Bell sold 4,821 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total value of $67,156.53. Following the transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $13.93, for a total transaction of $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $13.93, for a total value of $67,156.53. Following the completion of the transaction, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at $1,075,911.41. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on PR. Citigroup reduced their price objective on Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Susquehanna decreased their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, September 4th. Mizuho lowered their price objective on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a research note on Monday, September 16th. Wolfe Research assumed coverage on shares of Permian Resources in a report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $18.73.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company’s assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.