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

Permian Resources Co. (NYSE:PR) declared a quarterly dividend on Tuesday, February 25th, RTT News reports. Investors of record on Monday, March 17th will be paid a dividend of 0.15 per share on Monday, March 31st. This represents a $0.60 dividend on an annualized basis and a yield of 4.30%. The ex-dividend date of this dividend is Monday, March 17th.

Permian Resources has a payout ratio of 36.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Permian Resources to earn $1.63 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 36.8%.

Permian Resources Stock Up 2.2 %

Shares of Permian Resources stock opened at $13.97 on Thursday. The company has a market cap of $11.22 billion, a price-to-earnings ratio of 8.46, a price-to-earnings-growth ratio of 4.05 and a beta of 4.28. The company’s 50 day moving average is $14.68 and its 200 day moving average is $14.47. Permian Resources has a twelve month low of $12.62 and a twelve month high of $18.28. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Morgan Stanley assumed coverage on shares of Permian Resources in a report on Friday, January 10th. They set an “overweight” rating and a $19.00 target price for the company. Piper Sandler increased their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 29th. Finally, Truist Financial raised their target price on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.13.

Insiders Place Their Bets

In related news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total value of $134,043.30. Following the transaction, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 12.80% of the stock is owned by corporate insiders.

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.