Permian Resources Corporation (NYSE:PR) to Issue Dividend Increase – $0.16 Per Share

Permian Resources Corporation (NYSE:PR) announced a quarterly dividend on Wednesday, February 25th. Stockholders of record on Tuesday, March 17th will be given a dividend of 0.16 per share on Tuesday, March 31st. This represents a c) annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, March 17th. This is a 6.7% increase from Permian Resources’s previous quarterly dividend of $0.15.

Permian Resources has a dividend payout ratio of 43.8% meaning its dividend is sufficiently covered by earnings. 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 Trading Up 3.4%

Shares of PR traded up $0.61 during trading hours on Thursday, hitting $18.22. 7,023,554 shares of the stock traded hands, compared to its average volume of 11,409,585. The business has a fifty day moving average of $15.35 and a 200-day moving average of $14.13. The firm has a market capitalization of $15.11 billion, a PE ratio of 16.66 and a beta of 0.77. Permian Resources has a 1-year low of $10.01 and a 1-year high of $18.36. The company has a current ratio of 0.67, a quick ratio of 0.67 and a debt-to-equity ratio of 0.31.

Permian Resources (NYSE:PR) last announced its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.09. Permian Resources had a return on equity of 11.03% and a net margin of 15.65%.The firm had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.32 billion. During the same period last year, the company earned $0.36 earnings per share. The company’s revenue was down 9.8% on a year-over-year basis. Analysts expect that Permian Resources will post 1.45 EPS for the current year.

Insider Activity

In related news, CEO James H. Walter sold 467,700 shares of the firm’s stock in a transaction dated Tuesday, January 6th. The shares were sold at an average price of $13.63, for a total value of $6,374,751.00. Following the completion of the sale, the chief executive officer directly owned 1,010,138 shares in the company, valued at approximately $13,768,180.94. This trade represents a 31.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Guy M. Oliphint sold 172,904 shares of the business’s stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $13.63, for a total value of $2,356,681.52. Following the transaction, the executive vice president directly owned 616,683 shares in the company, valued at approximately $8,405,389.29. This trade represents a 21.90% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 2,210,456 shares of company stock worth $30,231,728. 6.44% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Permian Resources

Several institutional investors and hedge funds have recently made changes to their positions in PR. Vanguard Group Inc. grew its holdings in shares of Permian Resources by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 75,404,843 shares of the company’s stock worth $1,057,930,000 after purchasing an additional 3,941,318 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Permian Resources by 16.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 31,635,572 shares of the company’s stock worth $443,856,000 after acquiring an additional 4,533,732 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Permian Resources by 115.5% in the fourth quarter. Bank of New York Mellon Corp now owns 25,153,702 shares of the company’s stock valued at $352,906,000 after acquiring an additional 13,483,136 shares during the last quarter. State Street Corp raised its position in Permian Resources by 2.0% during the fourth quarter. State Street Corp now owns 23,553,393 shares of the company’s stock valued at $330,454,000 after purchasing an additional 460,158 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Permian Resources by 8.3% during the third quarter. Massachusetts Financial Services Co. MA now owns 18,453,672 shares of the company’s stock worth $236,207,000 after purchasing an additional 1,421,059 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

About Permian Resources

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.