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

Permian Resources Co. (NYSE:PR) 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.

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

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.