Permian Resources Co. (NYSE:PR) Raises Dividend to $0.15 Per Share

Permian Resources Co. (NYSE:PR) declared 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 is Thursday, November 14th. This is an increase from Permian Resources’s previous quarterly dividend of $0.06.

Permian Resources has a payout ratio of 15.5% meaning 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 Performance

PR traded up $0.40 during trading hours on Thursday, hitting $14.97. 12,718,259 shares of the stock were exchanged, compared to its average volume of 10,149,901. The stock has a market cap of $12.01 billion, a price-to-earnings ratio of 11.63, a price-to-earnings-growth ratio of 0.83 and a beta of 4.34. The stock has a 50-day simple moving average of $13.87 and a 200-day simple moving average of $15.11. 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 has a 12 month low of $12.34 and a 12 month high of $18.28.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The company had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period last year, the firm posted $0.27 EPS. The company’s revenue for the quarter was up 99.9% on a year-over-year basis. Analysts anticipate that Permian Resources will post 1.46 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently weighed in on PR shares. Benchmark cut their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Wednesday, October 16th. JPMorgan Chase & Co. reduced their price objective on Permian Resources from $20.00 to $17.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Mizuho lowered their target price on Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a research report on Monday, September 16th. Truist Financial cut their target price on Permian Resources from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a report on Monday, October 14th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.73.

Insiders Place Their Bets

In related news, CAO Robert Regan Shannon sold 4,822 shares of the firm’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 $67,170.46. Following the completion of the transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CAO Robert Regan Shannon sold 4,822 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 $67,170.46. Following the completion of the sale, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction dated 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 owns 77,237 shares in the company, valued at $1,075,911.41. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.80% of the company’s stock.

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.