Permian Resources Co. to Issue 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 given 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 4.40%.

Permian Resources has a dividend payout ratio of 36.8% 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 Price Performance

PR traded down $0.41 during trading on Tuesday, hitting $13.65. The company’s stock had a trading volume of 10,245,030 shares, compared to its average volume of 7,516,552. The firm’s 50 day moving average price is $14.68 and its two-hundred day moving average price is $14.48. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $10.97 billion, a price-to-earnings ratio of 8.27, a price-to-earnings-growth ratio of 4.05 and a beta of 4.28. Permian Resources has a 12 month low of $12.62 and a 12 month high of $18.28.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In other 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 transaction 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company 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.