Permian Resources Corporation (PR) to Issue Quarterly Dividend of $0.16 on March 31st

Permian Resources Corporation (NYSE:PR) announced a quarterly dividend on Wednesday, February 25th. Stockholders of record on Tuesday, March 17th will be paid a dividend of 0.16 per share on Tuesday, March 31st. This represents a c) annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Tuesday, March 17th. This is a 6.7% increase from Permian Resources’s previous quarterly dividend of $0.15.

Permian Resources has a payout ratio of 46.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Permian Resources to earn $1.63 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 39.3%.

Permian Resources Stock Performance

Shares of NYSE PR opened at $19.34 on Friday. The firm has a market capitalization of $16.04 billion, a price-to-earnings ratio of 15.47 and a beta of 0.66. Permian Resources has a one year low of $10.01 and a one year high of $19.64. The business has a fifty day simple moving average of $16.49 and a 200 day simple moving average of $14.58. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last posted its quarterly earnings results on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.32 billion. Permian Resources had a net margin of 18.46% and a return on equity of 10.83%. The business’s revenue was down 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 earnings per share. Sell-side analysts expect that Permian Resources will post 1.45 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. UBS Group lifted their target price on shares of Permian Resources from $19.00 to $23.00 and gave the company a “buy” rating in a research report on Thursday, March 5th. Mizuho increased their price target on shares of Permian Resources from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Friday, December 12th. TD Cowen upgraded shares of Permian Resources to a “strong-buy” rating in a research note on Monday, February 9th. Wall Street Zen raised Permian Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 15th. Finally, Citigroup upped their price objective on Permian Resources from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Friday, March 6th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.42.

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.