Permian Resources Co. (NASDAQ:PR) to Issue Dividend Increase – $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 paid a dividend of 0.06 per share on Wednesday, May 29th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend is Monday, May 20th. This is an increase from Permian Resources’s previous quarterly dividend of $0.05.

Permian Resources has a dividend payout ratio of 10.9% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Stock Performance

Shares of PR stock opened at $17.26 on Thursday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.42. The business has a 50 day moving average of $17.03 and a two-hundred day moving average of $14.82. The company has a market cap of $13.32 billion, a P/E ratio of 14.88 and a beta of 4.32. Permian Resources has a 52 week low of $8.94 and a 52 week high of $18.28.

Permian Resources (NASDAQ:PR) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.02. The company had revenue of $1.12 billion during the quarter, compared to the consensus estimate of $1.11 billion. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. As a group, analysts anticipate that Permian Resources will post 1.66 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Brent P. Jensen sold 203,687 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total transaction of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now directly owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Brent P. Jensen sold 203,687 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $14.55, for a total value of $2,963,645.85. Following the completion of the transaction, the chief accounting officer now owns 1,062,345 shares in the company, valued at approximately $15,457,119.75. The sale was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Encap Partners Gp, Llc sold 9,000,000 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $141,390,000.00. Following the completion of the transaction, the insider now directly owns 25,477,527 shares of the company’s stock, valued at approximately $400,251,949.17. The disclosure for this sale can be found here. Insiders sold 32,916,943 shares of company stock valued at $516,796,999 over the last 90 days. 12.80% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PR. Wells Fargo & Company increased their price target on Permian Resources from $18.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, April 17th. Stifel Nicolaus lifted their target price on Permian Resources from $18.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Raymond James began coverage on shares of Permian Resources in a report on Tuesday, April 9th. They issued a “strong-buy” rating and a $24.00 price target for the company. Piper Sandler boosted their target price on shares of Permian Resources from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Finally, Benchmark restated a “buy” rating and set a $17.00 target price on shares of Permian Resources in a report on Tuesday, April 23rd. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $19.38.

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.