Permian Resources Corporation (NYSE:PR) Declares $0.16 Quarterly Dividend

Key Points

• Permian Resources declared a quarterly dividend of $0.16 per share, payable September 30 to shareholders of record September 16. The dividend implies an annualized payout of $0.64 and a 3.2% yield.
• The dividend appears well covered, with a current payout ratio of 46.7%; analysts expect next year’s earnings of $1.96 per share, implying a projected payout ratio of 32.7%.
• Permian Resources exceeded quarterly expectations, reporting $0.69 in EPS versus a $0.59 consensus estimate and $1.86 billion in revenue, up 55.1% year over year.

Permian Resources Corporation (NYSE:PR - Get Free Report) declared a quarterly dividend on Wednesday, August 5th. Stockholders of record on Wednesday, September 16th will be given a dividend of 0.16 per share on Wednesday, September 30th. This represents a c) dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, September 16th.

Permian Resources has a payout ratio of 46.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Permian Resources to earn $1.96 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 32.7%.

Permian Resources Stock Down 3.3%

Shares of NYSE:PR opened at $19.83 on Thursday. The business's 50 day moving average is $19.53 and its 200 day moving average is $19.17. Permian Resources has a 12-month low of $11.92 and a 12-month high of $22.67. The stock has a market cap of $16.60 billion, a price-to-earnings ratio of 23.05 and a beta of 0.48. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.10. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.66 billion. Permian Resources had a net margin of 12.79% and a return on equity of 10.53%. The business's revenue for the quarter was up 55.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.28 EPS. On average, sell-side analysts forecast that Permian Resources will post 1.94 earnings per share for the current fiscal year.

Permian Resources Company Profile

Permian Resources NYSE: PR is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.

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