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

Permian Resources Co. (NYSE:PR) declared a quarterly dividend on Thursday, November 7th,Wall Street Journal reports. Investors of record on Thursday, November 14th will be paid 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 4.00%. The ex-dividend date is Thursday, November 14th. This is a positive change 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. 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 3.0 %

Shares of Permian Resources stock traded up $0.43 on Thursday, hitting $15.00. The company had a trading volume of 11,503,018 shares, compared to its average volume of 10,137,349. Permian Resources has a twelve month low of $12.34 and a twelve month high of $18.28. The stock has a 50-day moving average of $13.87 and a 200-day moving average of $15.11. The firm has a market capitalization of $12.04 billion, a P/E ratio of 11.63, a P/E/G ratio of 0.83 and a beta of 4.34. 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 (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 the consensus estimate of $0.38 by $0.01. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. The firm had revenue of $1.25 billion for the quarter, compared to analyst estimates of $1.23 billion. During the same period in the prior year, the firm posted $0.27 earnings per share. The company’s quarterly revenue was up 99.9% compared to the same quarter last year. Research analysts predict that Permian Resources will post 1.46 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Piper Sandler dropped their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a research report on Monday, October 14th. 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 research report on Friday, August 9th. JPMorgan Chase & Co. dropped their price objective on shares of Permian Resources from $20.00 to $17.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Finally, The Goldman Sachs Group initiated coverage on shares of Permian Resources in a research report on Monday, September 30th. They issued a “buy” rating and a $19.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $18.73.

Insider Buying and Selling at Permian Resources

In other news, CAO Robert Regan Shannon sold 4,822 shares of Permian Resources 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 transaction, the chief accounting officer now owns 61,399 shares of the company’s stock, valued at $855,288.07. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Robert Regan Shannon sold 4,822 shares of the business’s 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 $67,170.46. Following the completion of the transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at approximately $855,288.07. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP John Charles Bell sold 4,821 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 77,237 shares in the company, valued at $1,075,911.41. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.