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

by · The Markets Daily

Permian Resources Co. (NYSE:PR – Get Free Report) 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 an increase from Permian Resources’s previous quarterly dividend of $0.06.

Permian Resources has a payout ratio of 15.5% indicating that 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 Trading Up 3.0 %

PR stock traded up $0.43 during midday trading on Thursday, hitting $15.00. The stock had a trading volume of 11,503,018 shares, compared to its average volume of 10,137,349. The business has a fifty day moving average price of $13.87 and a two-hundred day moving average price of $15.11. Permian Resources has a 1-year low of $12.34 and a 1-year high of $18.28. The firm has a market cap of $12.04 billion, a P/E ratio of 11.63, a price-to-earnings-growth ratio of 0.83 and a beta of 4.34. 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 – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. The company had revenue of $1.25 billion for the quarter, compared to analysts’ expectations of $1.23 billion. Permian Resources had a net margin of 15.62% and a return on equity of 11.91%. Permian Resources’s revenue was up 99.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.27 EPS. On average, sell-side analysts predict that Permian Resources will post 1.46 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CAO Robert Regan Shannon sold 4,822 shares of the firm’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 transaction, the chief accounting officer now directly owns 61,399 shares in the company, valued at $855,288.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CAO Robert Regan Shannon sold 4,822 shares of the firm’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 transaction, the chief accounting officer now directly owns 61,399 shares of the company’s stock, valued at approximately $855,288.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Charles Bell sold 4,821 shares of the firm’s stock in a transaction 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 transaction, 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. 12.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on PR shares. Piper Sandler lowered their price target on shares of Permian Resources from $21.00 to $20.00 and set an “overweight” rating for the company in a research report on Tuesday, October 15th. JPMorgan Chase & Co. cut their target price on shares of 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 shares of Permian Resources from $22.00 to $19.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. The Goldman Sachs Group began coverage on shares of Permian Resources in a report on Monday, September 30th. They issued a “buy” rating and a $19.00 price target on the stock. Finally, Wells Fargo & Company dropped their target price on shares of Permian Resources from $22.00 to $21.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $18.73.

Check Out Our Latest Analysis on Permian Resources

About Permian Resources

(Get Free Report)

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.

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