Permian Resources Corporation Announces Quarterly Dividend of $0.15 (NYSE:PR)

Key Points

• Permian Resources Corporation has declared a quarterly dividend of $0.15 per share, with a dividend yield of 4.4%, payable on September 30th to stockholders on record as of September 16th.
• The company’s payout ratio stands at 43.8%, indicating that its dividend is well-supported by earnings, and analysts expect it to earn $1.63 per share next year.
• Permian Resources' stock price decreased by 0.8% to $13.60, with a market cap of $10.92 billion and a price-to-earnings ratio of 9.02, reflecting its recent performance amid changing institutional investments.

Permian Resources Corporation (NYSE:PR - Get Free Report) declared a quarterly dividend on Wednesday, August 6th, RTT News reports. Stockholders of record on Tuesday, September 16th will be given a dividend of 0.15 per share on Tuesday, September 30th. This represents a c) annualized dividend and a dividend yield of 4.4%.

Permian Resources has a payout ratio of 43.8% indicating that its dividend is sufficiently covered by earnings. Equities research 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 Stock Down 0.8%

Shares of PR traded down $0.11 during mid-day trading on Wednesday, hitting $13.60. 14,018,891 shares of the company's stock were exchanged, compared to its average volume of 9,740,909. Permian Resources has a twelve month low of $10.01 and a twelve month high of $16.33. The firm has a fifty day moving average of $13.86 and a two-hundred day moving average of $13.48. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. The stock has a market cap of $10.92 billion, a price-to-earnings ratio of 9.02 and a beta of 1.32.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.44 by ($0.02). Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same quarter in the prior year, the firm posted $0.25 EPS. The firm's revenue for the quarter was up 10.7% compared to the same quarter last year. On average, sell-side analysts forecast that Permian Resources will post 1.45 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. UMB Bank n.a. grew its holdings in Permian Resources by 12.6% in the second quarter. UMB Bank n.a. now owns 6,953 shares of the company's stock worth $95,000 after purchasing an additional 778 shares during the period. Hexagon Capital Partners LLC increased its stake in shares of Permian Resources by 30.8% in the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock worth $54,000 after purchasing an additional 921 shares in the last quarter. HighPoint Advisor Group LLC grew its stake in Permian Resources by 5.1% during the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company's stock valued at $283,000 after acquiring an additional 986 shares in the last quarter. Coldstream Capital Management Inc. grew its stake in Permian Resources by 8.2% during the fourth quarter. Coldstream Capital Management Inc. now owns 13,355 shares of the company's stock valued at $192,000 after acquiring an additional 1,009 shares in the last quarter. Finally, Vident Advisory LLC grew its stake in Permian Resources by 9.9% in the 1st quarter. Vident Advisory LLC now owns 11,321 shares of the company's stock worth $157,000 after buying an additional 1,019 shares in the last quarter. Institutional investors and hedge funds own 91.84% of the company's stock.

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.

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