Permian Resources Co. (NASDAQ:PR) Raises Dividend to $0.06 Per Share

Permian Resources Co. (NASDAQ:PR - Get Free Report) 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 is Monday, May 20th. This is a boost from Permian Resources's previous quarterly dividend of $0.05.

Permian Resources has a dividend payout ratio of 10.9% meaning its dividend is sufficiently covered by earnings. 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 Trading Down 1.7 %

Shares of Permian Resources stock traded down $0.29 during trading on Wednesday, hitting $17.26. 13,753,031 shares of the company were exchanged, compared to its average volume of 9,120,583. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a market capitalization of $13.32 billion, a P/E ratio of 15.14 and a beta of 4.32. The firm's fifty day moving average price is $16.99 and its 200 day moving average price is $14.80. Permian Resources has a 1-year low of $8.94 and a 1-year high of $18.28.

Permian Resources (NASDAQ:PR - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.35 earnings per share for the quarter, topping analysts' consensus estimates of $0.33 by $0.02. Permian Resources had a net margin of 15.26% and a return on equity of 10.98%. The company had revenue of $1.12 billion for the quarter, compared to analysts' expectations of $1.11 billion. As a group, sell-side analysts expect that Permian Resources will post 1.66 earnings per share for the current fiscal year.

Insider Activity

In other Permian Resources news, Director Robert John Anderson sold 1,000,000 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the sale, the director now directly owns 476,306 shares in the company, valued at $7,482,767.26. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Robert John Anderson sold 1,000,000 shares of the business's stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $15.71, for a total transaction of $15,710,000.00. Following the completion of the transaction, the director now owns 476,306 shares of the company's stock, valued at approximately $7,482,767.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director William J. Quinn sold 18,076,849 shares of the company's stock in a transaction on Monday, March 4th. The stock was sold at an average price of $15.71, for a total value of $283,987,297.79. Following the sale, the director now owns 71,056,620 shares of the company's stock, valued at $1,116,299,500.20. The disclosure for this sale can be found here. In the last three months, insiders sold 32,916,943 shares of company stock worth $516,796,999. 12.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PR shares. Piper Sandler upped their target price on shares of Permian Resources from $22.00 to $23.00 and gave the stock an "overweight" rating in a research note on Friday, April 19th. Benchmark restated a "buy" rating and issued a $17.00 target price on shares of Permian Resources in a research note on Tuesday, April 23rd. Wells Fargo & Company raised their price target on shares of Permian Resources from $18.00 to $21.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 17th. Susquehanna increased their target price on shares of Permian Resources from $16.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, April 22nd. Finally, JPMorgan Chase & Co. lifted their price target on shares of Permian Resources from $18.00 to $20.00 and gave the company an "overweight" rating in a research note on Friday, April 12th. Three analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target 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.