Permian Resources Co. (PR) to Issue Quarterly Dividend of $0.15 on June 30th

Permian Resources Co. (NYSE:PR) declared a quarterly dividend on Wednesday, May 7th, RTT News reports. Stockholders of record on Monday, June 16th will be paid a dividend of 0.15 per share on Monday, June 30th. This represents a $0.60 annualized dividend and a dividend yield of 4.01%. The ex-dividend date is Monday, June 16th.

Permian Resources has a dividend payout ratio of 43.8% 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 $0.60 annual dividend with an expected future payout ratio of 36.8%.

Permian Resources Stock Up 3.3%

Shares of NYSE PR opened at $14.95 on Friday. Permian Resources has a 12 month low of $10.01 and a 12 month high of $16.95. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $12.01 billion, a price-to-earnings ratio of 9.06, a PEG ratio of 4.05 and a beta of 1.24. The business has a 50-day moving average of $12.61 and a 200-day moving average of $13.69.

Permian Resources (NYSE:PR) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a return on equity of 11.15% and a net margin of 21.20%. The business had revenue of $1.38 billion for the quarter, compared to analysts’ expectations of $1.37 billion. During the same period in the previous 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. Sell-side analysts expect that Permian Resources will post 1.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PR has been the subject of a number of recent research reports. Susquehanna dropped their target price on Permian Resources from $20.00 to $19.00 and set a “positive” rating for the company in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. lowered their price objective on Permian Resources from $21.00 to $18.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Citigroup downgraded Permian Resources from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Royal Bank of Canada boosted their price objective on Permian Resources from $16.00 to $17.00 and gave the company an “outperform” rating in a research report on Friday, May 16th. Finally, Bank of America boosted their price objective on Permian Resources from $15.00 to $16.00 and gave the company a “buy” rating in a research report on Friday, May 23rd. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Permian Resources has an average rating of “Moderate Buy” and a consensus target price of $18.56.

Institutional Investors Weigh In On Permian Resources

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. grew its stake in Permian Resources by 18.5% in the first quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock worth $75,512,000 after purchasing an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Permian Resources by 7.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock worth $16,751,000 after purchasing an additional 87,105 shares during the period. Finally, AQR Capital Management LLC grew its stake in Permian Resources by 69.2% in the first quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock worth $2,060,000 after purchasing an additional 61,230 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

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.