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

Permian Resources Co. (NYSE:PRGet Free Report) announced a quarterly dividend on Tuesday, February 25th, RTT News reports. Shareholders 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 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date is Monday, March 17th.

Permian Resources has a dividend payout ratio of 35.1% meaning its dividend is sufficiently covered by earnings. Equities 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 Price Performance

PR stock opened at $13.63 on Friday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $10.95 billion, a PE ratio of 8.26, a P/E/G ratio of 4.05 and a beta of 4.30. Permian Resources has a 12-month low of $11.84 and a 12-month high of $18.28. The business’s fifty day moving average price is $14.42 and its 200 day moving average price is $14.34.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on PR shares. Susquehanna raised Permian Resources from a “neutral” rating to a “positive” rating and boosted their target price for the stock from $17.00 to $20.00 in a research note on Wednesday, March 5th. Morgan Stanley started coverage on Permian Resources in a research note on Friday, January 10th. They set an “overweight” rating and a $19.00 target price for the company. JPMorgan Chase & Co. lowered their target price on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research note on Thursday. Williams Trading set a $19.00 target price on Permian Resources in a research note on Wednesday, March 5th. Finally, Truist Financial upped their price objective on Permian Resources from $20.00 to $23.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.35.

Get Our Latest Stock Analysis on Permian Resources

Insider Buying and Selling

In related news, CAO Robert Regan Shannon sold 2,731 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $14.02, for a total transaction of $38,288.62. Following the transaction, the chief accounting officer now owns 58,668 shares in the company, valued at $822,525.36. This trade represents a 4.45 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William J. Quinn purchased 500,000 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were purchased at an average price of $13.07 per share, for a total transaction of $6,535,000.00. Following the purchase, the director now directly owns 812,429 shares in the company, valued at $10,618,447.03. The trade was a 160.04 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 18,446 shares of company stock worth $269,731 in the last quarter. 12.80% of the stock is owned by insiders.

Permian Resources Company Profile

(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.

See Also

Dividend History for Permian Resources (NYSE:PR)

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