Permian Resources Co. (NASDAQ:PR) Raises Dividend to $0.06 Per Share

Permian Resources Co. (NASDAQ:PR) announced a quarterly dividend on Wednesday, May 8th, Wall Street Journal reports. Investors of record on Tuesday, May 21st will be given a dividend of 0.06 per share on Wednesday, May 29th. This represents a $0.24 annualized dividend and a dividend yield of 1.39%. The ex-dividend date is Monday, May 20th. This is a positive change from Permian Resources’s previous quarterly dividend of $0.05.

Permian Resources has a payout ratio of 10.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Permian Resources to earn $2.06 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 9.7%.

Permian Resources Price Performance

NASDAQ PR traded down $0.32 during trading hours on Wednesday, reaching $17.23. The company’s stock had a trading volume of 10,491,026 shares, compared to its average volume of 9,075,622. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. Permian Resources has a 1 year low of $8.94 and a 1 year high of $18.28. The firm’s 50-day moving average price is $16.99 and its 200-day moving average price is $14.80. The company has a market capitalization of $13.30 billion, a price-to-earnings ratio of 15.14 and a beta of 4.32.

Permian Resources (NASDAQ:PR) last issued its earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.02. The firm had revenue of $1.12 billion during the quarter, compared to analyst estimates of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. On average, equities research analysts predict that Permian Resources will post 1.66 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PR has been the subject of a number of research reports. Piper Sandler increased their price target on Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, April 19th. JPMorgan Chase & Co. raised their target price on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $17.00 price target on shares of Permian Resources in a research note on Friday, April 12th. Wells Fargo & Company lifted their price objective on shares of Permian Resources from $18.00 to $21.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 17th. Finally, Benchmark reaffirmed a “buy” rating and issued a $17.00 price target on shares of Permian Resources in a report on Tuesday, April 23rd. Three research analysts have rated the stock with a hold rating, ten have given 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 price target of $19.38.

Insider Buying and Selling at Permian Resources

In other news, CAO Brent P. Jensen sold 203,687 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the sale, the chief accounting officer now directly owns 1,062,345 shares of the company’s stock, valued at approximately $15,457,119.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Permian Resources news, CAO Brent P. Jensen sold 1,853 shares of Permian Resources stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $14.64, for a total value of $27,127.92. Following the transaction, the chief accounting officer now directly owns 1,047,610 shares in the company, valued at $15,337,010.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Brent P. Jensen sold 203,687 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $14.55, for a total value of $2,963,645.85. Following the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,916,943 shares of company stock valued at $516,796,999. 12.80% of the stock is currently owned by corporate 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.