Permian Resources Corporation (NYSE:PR) to Issue Quarterly Dividend of $0.15

Permian Resources Corporation (NYSE:PR) declared a quarterly dividend on Wednesday, November 5th. Investors of record on Wednesday, December 17th will be given a dividend of 0.15 per share on Wednesday, December 31st. This represents a c) annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend is Wednesday, December 17th.

Permian Resources has a payout ratio of 43.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Permian Resources to earn $1.63 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 36.8%.

Permian Resources Stock Performance

NYSE PR opened at $12.10 on Thursday. Permian Resources has a 1-year low of $10.01 and a 1-year high of $16.33. The company has a market capitalization of $9.69 billion, a P/E ratio of 7.86 and a beta of 1.31. The business has a 50 day moving average price of $13.09 and a 200 day moving average price of $13.32. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.63 and a quick ratio of 0.63.

Permian Resources (NYSE:PR) last released its quarterly earnings data on Wednesday, November 5th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.30 by $0.07. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.33 billion. Permian Resources had a return on equity of 10.91% and a net margin of 22.41%.Permian Resources’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the business posted $0.53 EPS. Sell-side analysts expect that Permian Resources will post 1.45 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on PR. William Blair initiated coverage on Permian Resources in a research note on Monday, August 25th. They set an “outperform” rating for the company. Susquehanna upped their price target on shares of Permian Resources from $19.00 to $20.00 and gave the company a “positive” rating in a report on Wednesday, July 23rd. Wells Fargo & Company lowered their target price on Permian Resources from $21.00 to $16.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Piper Sandler increased their target price on Permian Resources from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Finally, Scotiabank assumed coverage on Permian Resources in a report on Friday, September 19th. They set a “sector outperform” rating and a $21.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $18.73.

Permian Resources Company Profile

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.