Permian Resources Co. (PR) to Issue Quarterly Dividend of $0.15 on November 22nd

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 3.97%. The ex-dividend date is Thursday, November 14th. This is a boost from Permian Resources’s previous quarterly dividend of $0.06.

Permian Resources has a dividend payout ratio of 39.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Permian Resources to earn $1.65 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 36.4%.

Permian Resources Stock Up 1.3 %

PR stock opened at $15.12 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.50. The stock has a market capitalization of $12.13 billion, a price-to-earnings ratio of 9.16, a PEG ratio of 0.90 and a beta of 4.34. The business’s fifty day moving average price is $13.91 and its two-hundred day moving average price is $15.04. Permian Resources has a fifty-two week low of $12.34 and a fifty-two week high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.21. The firm had revenue of $1.22 billion for the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The company’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter last year, the business earned $0.36 EPS. On average, equities analysts anticipate that Permian Resources will post 1.46 earnings per share for the current year.

Insider Activity at Permian Resources

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PR. UBS Group reduced their price objective on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Wolfe Research began coverage on Permian Resources in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Wells Fargo & Company reduced their price objective on Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. JPMorgan Chase & Co. reduced their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Finally, Truist Financial raised their price objective on Permian Resources from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday. Two investment 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $18.87.

Permian Resources Company Profile

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.