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

Key Points

• Declared quarterly dividend of $0.16 per share (annualized $0.64) with a 3.0% yield; shareholders of record June 16 and payable June 30, and the dividend is covered by earnings (current payout ratio 46.7%, expected ~31.8% next year).
• Recent financials and outlook: Q earnings of $0.39 EPS topped estimates while revenue of $1.39B slightly missed; the stock carries a $17.73B market cap and a P/E of 16.96, and Wall Street’s consensus is a Buy with a $22.38 price target and expected ~ $2.01 EPS next year.

Permian Resources Corporation (NYSE:PR - Get Free Report) declared a quarterly dividend on Wednesday, May 6th. Shareholders of record on Tuesday, June 16th will be paid a dividend of 0.16 per share on Tuesday, June 30th. This represents a c) dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, June 16th.

Permian Resources has a dividend payout ratio of 46.7% meaning its dividend is sufficiently covered by earnings. Research analysts expect Permian Resources to earn $2.01 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 31.8%.

Permian Resources Stock Performance

Shares of NYSE:PR opened at $21.20 on Thursday. Permian Resources has a 52 week low of $11.64 and a 52 week high of $22.67. The stock has a market capitalization of $17.73 billion, a P/E ratio of 16.96, a PEG ratio of 1.26 and a beta of 0.52. The firm has a fifty day simple moving average of $20.07 and a two-hundred day simple moving average of $16.43. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.39 EPS for the quarter, topping analysts' consensus estimates of $0.38 by $0.01. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business had revenue of $1.39 billion during the quarter, compared to analysts' expectations of $1.41 billion. During the same period last year, the company posted $0.44 EPS. The business's revenue was up .9% on a year-over-year basis. On average, analysts expect that Permian Resources will post 1.92 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Benchmark cut shares of Permian Resources from a "buy" rating to a "hold" rating in a research note on Thursday, March 5th. Truist Financial raised their target price on shares of Permian Resources from $24.00 to $25.00 and gave the stock a "buy" rating in a report on Tuesday, April 14th. Morgan Stanley restated an "overweight" rating on shares of Permian Resources in a report on Friday, March 27th. Piper Sandler raised their target price on shares of Permian Resources from $24.00 to $27.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Finally, KeyCorp assumed coverage on shares of Permian Resources in a report on Tuesday, April 7th. They issued an "overweight" rating and a $25.00 target price for the company. Four equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $22.38.

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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