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

Permian Resources Co. (NYSE:PR) announced a quarterly dividend on Tuesday, February 25th, RTT News reports. Investors of record on Monday, March 17th will be given a dividend of 0.15 per share on Monday, March 31st. This represents a $0.60 annualized dividend and a yield of 4.24%.

Permian Resources has a dividend payout ratio of 36.8% meaning its dividend is sufficiently covered by earnings. 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 Trading Up 3.5 %

Shares of NYSE PR traded up $0.48 during midday trading on Wednesday, reaching $14.15. 1,469,809 shares of the stock were exchanged, compared to its average volume of 7,341,340. Permian Resources has a twelve month low of $12.62 and a twelve month high of $18.28. The stock has a market capitalization of $11.36 billion, a P/E ratio of 8.61, a PEG ratio of 4.05 and a beta of 4.28. The company has a 50 day simple moving average of $14.67 and a 200 day simple moving average of $14.48. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.68 and a current ratio of 0.68.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on PR. Piper Sandler increased their price objective on shares of Permian Resources from $20.00 to $21.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 29th. Morgan Stanley began coverage on Permian Resources in a research note on Friday, January 10th. They issued an “overweight” rating and a $19.00 price objective for the company. Finally, Truist Financial boosted their price objective on Permian Resources from $20.00 to $23.00 and gave the company a “buy” rating in a report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.13.

Insider Activity

In related news, CFO Guy M. Oliphint sold 8,761 shares of Permian Resources stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $15.30, for a total transaction of $134,043.30. Following the sale, the chief financial officer now directly owns 134,617 shares in the company, valued at $2,059,640.10. This trade represents a 6.11 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 12.80% of the company’s stock.

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.