Permian Resources Co. (NYSE:PR) to Issue Dividend Increase – $0.15 Per Share

Permian Resources Co. (NYSE:PR) announced a quarterly dividend on Wednesday, November 6th,Wall Street Journal reports. Stockholders 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 dividend yield of 3.96%. 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 payout ratio of 39.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Permian Resources to earn $1.62 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 37.0%.

Permian Resources Stock Performance

Shares of NYSE PR opened at $15.14 on Wednesday. The company has a market capitalization of $12.15 billion, a PE ratio of 9.21, a price-to-earnings-growth ratio of 0.90 and a beta of 4.34. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68. The company’s fifty day moving average price is $13.94 and its 200 day moving average price is $15.03. Permian Resources has a 1 year low of $12.34 and a 1 year high of $18.28.

Permian Resources (NYSE:PR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $0.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.21. The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.22 billion. Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. Permian Resources’s quarterly revenue was up 60.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.36 EPS. On average, research analysts predict that Permian Resources will post 1.47 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PR. Wolfe Research initiated coverage on Permian Resources in a research report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $17.00 price objective on shares of Permian Resources in a report on Monday, October 14th. Mizuho dropped their target price 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. Benchmark reduced their target price on shares of Permian Resources from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Wednesday, October 16th. Finally, Piper Sandler lowered 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. Two 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.87.

Insider Buying and Selling

In other Permian Resources news, EVP John Charles Bell sold 4,821 shares of the 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 $67,156.53. Following the sale, the executive vice president now directly owns 77,237 shares of the company’s stock, valued at approximately $1,075,911.41. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP John Charles Bell sold 4,821 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 $67,156.53. Following the completion of the sale, the executive vice president now owns 77,237 shares in the company, valued at $1,075,911.41. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Robert Regan Shannon sold 4,822 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 owns 61,399 shares in the company, valued at $855,288.07. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.80% of the stock is currently owned by 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.