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

Permian Resources Co. (NYSE:PR) announced 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 4.24%.

Permian Resources has a payout ratio of 36.8% meaning 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 3.5 %

NYSE PR traded up $0.48 during trading on Wednesday, reaching $14.15. 1,469,809 shares of the company’s stock traded hands, compared to its average volume of 7,341,340. The company’s 50 day simple moving average is $14.67 and its two-hundred day simple moving average is $14.48. Permian Resources has a 12-month low of $12.62 and a 12-month high of $18.28. The firm has a market cap of $11.36 billion, a price-to-earnings ratio of 8.61, a price-to-earnings-growth ratio of 4.05 and a beta of 4.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Analyst Upgrades and Downgrades

PR has been the subject of a number of analyst reports. Truist Financial increased their target price on shares of Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Morgan Stanley started coverage on Permian Resources in a research report on Friday, January 10th. They issued an “overweight” rating and a $19.00 target price on the stock. Finally, Piper Sandler lifted their price target on Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Permian Resources currently has a consensus rating of “Moderate Buy” and an average target price of $19.13.

Insiders Place Their Bets

In other Permian Resources news, CFO Guy M. Oliphint sold 8,761 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.80% of the stock is currently 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.