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

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 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend is Thursday, November 14th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.06.

Permian Resources has a dividend payout ratio of 15.5% 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 $0.24 annual dividend with an expected future payout ratio of 14.5%.

Permian Resources Stock Up 2.7 %

Permian Resources stock traded up $0.40 during mid-day trading on Thursday, hitting $14.97. 12,718,259 shares of the company’s stock were exchanged, compared to its average volume of 10,149,901. The stock has a market cap of $12.01 billion, a P/E ratio of 11.63, a P/E/G ratio of 0.83 and a beta of 4.34. The stock has a 50 day moving average of $13.87 and a two-hundred day moving average of $15.11. Permian Resources has a 1-year low of $12.34 and a 1-year high of $18.28. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.40.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Benchmark reduced their price objective on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Wednesday, October 16th. UBS Group lowered their price target on Permian Resources from $19.00 to $18.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Susquehanna cut their price objective on Permian Resources from $16.00 to $15.00 and set a “neutral” rating for the company in a research report on Wednesday, September 4th. Citigroup dropped their price objective on shares of Permian Resources from $20.00 to $18.00 and set a “buy” rating on the stock in a report on Friday, August 9th. Finally, Mizuho reduced their price objective on shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating for the company in a report on Monday, September 16th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $18.73.

Insider Transactions at Permian Resources

In other Permian Resources news, CAO Robert Regan Shannon sold 4,822 shares of the firm’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 $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares in the company, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other 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 transaction of $67,170.46. Following the completion of the sale, the chief accounting officer now owns 61,399 shares in the company, valued at $855,288.07. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP John Charles Bell sold 4,821 shares of the firm’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 approximately $1,075,911.41. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 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.