Permian Resources Co. (NASDAQ:PR) Declares Dividend of $0.06

Permian Resources Co. (NASDAQ:PR) announced a dividend on Tuesday, August 6th, NASDAQ reports. Shareholders of record on Monday, August 19th will be given a dividend of 0.06 per share on Tuesday, August 27th. The ex-dividend date of this dividend is Monday, August 19th.

Permian Resources has a payout ratio of 13.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Permian Resources to earn $1.95 per share next year, which means the company should continue to be able to cover its $0.24 annual dividend with an expected future payout ratio of 12.3%.

Permian Resources Trading Up 1.3 %

PR stock traded up $0.18 during trading on Wednesday, hitting $13.90. The company had a trading volume of 20,039,075 shares, compared to its average volume of 10,296,707. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.42. The firm has a 50-day moving average price of $15.67 and a 200-day moving average price of $15.88. Permian Resources has a 12 month low of $11.78 and a 12 month high of $18.28. The stock has a market cap of $10.70 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.53 and a beta of 4.37.

Permian Resources (NASDAQ:PR) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.39 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.03. Permian Resources had a net margin of 13.90% and a return on equity of 11.43%. The firm had revenue of $1.25 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter in the previous year, the company posted $0.27 EPS. Permian Resources’s revenue was up 99.9% on a year-over-year basis. As a group, analysts predict that Permian Resources will post 1.72 earnings per share for the current year.

Insiders Place Their Bets

In other Permian Resources news, Director Jeffrey Tepper sold 65,000 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $16.42, for a total transaction of $1,067,300.00. Following the sale, the director now directly owns 158,665 shares of the company’s stock, valued at approximately $2,605,279.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 12.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on PR shares. Piper Sandler boosted their price target on shares of Permian Resources from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, April 19th. Raymond James started 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. Bank of America reissued a “buy” rating and issued a $20.00 price target on shares of Permian Resources in a report on Friday, June 14th. Royal Bank of Canada reissued an “outperform” rating and issued a $20.00 price target on shares of Permian Resources in a report on Tuesday, July 30th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Friday, April 12th. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Permian Resources currently has an average rating of “Moderate Buy” and a consensus price target of $20.50.

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.