Permian Resources Corporation (NYSE:PR) Shareholders to Get $0.16 Quarterly Dividend

Permian Resources Corporation (NYSE:PR) declared a quarterly dividend on Wednesday, November 4th. Investors of record on Thursday, December 17th will be given a dividend of $0.16 per share on Thursday, December 31st. This represents a $0.64 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend is Thursday, December 17th.

Permian Resources has a dividend payout ratio of 46.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Permian Resources to earn $2.71 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 23.6%.

Permian Resources Price Performance

Shares of Permian Resources stock opened at $22.45 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.62 and a quick ratio of 0.62. The company has a market cap of $18.81 billion, a PE ratio of 14.87 and a beta of 0.62. The firm has a fifty day moving average price of $23.42 and a two-hundred day moving average price of $20.46. Permian Resources has a fifty-two week low of $12.06 and a fifty-two week high of $26.07.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, November 4th. The company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.08. The company had revenue of $1.96 billion for the quarter, compared to the consensus estimate of $1.78 billion. Permian Resources had a net margin of 21.52% and a return on equity of 13.47%. The business’s revenue was up 48.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.08 EPS. Analysts expect that Permian Resources will post 2.46 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Robert Shannon sold 5,104 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,220.00. Following the completion of the sale, the executive vice president owned 1,346,698 shares of the company’s stock, valued at $31,984,077.50. This trade represents a 0.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP John Bell sold 5,492 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total transaction of $130,435.00. Following the completion of the sale, the executive vice president directly owned 1,561,680 shares of the company’s stock, valued at approximately $37,089,900. This represents a 0.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 15,699 shares of company stock valued at $372,851. Insiders own 5.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Tidal Investments LLC boosted its position in Permian Resources by 60.0% during the 2nd quarter. Tidal Investments LLC now owns 385,843 shares of the company’s stock worth $7,103,000 after acquiring an additional 144,704 shares during the last quarter. Readystate Asset Management LP grew its stake in shares of Permian Resources by 155.2% during the 2nd quarter. Readystate Asset Management LP now owns 496,281 shares of the company’s stock worth $9,137,000 after acquiring an additional 301,791 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Permian Resources by 1.8% in the first quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock valued at $100,911,000 after purchasing an additional 85,509 shares during the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Permian Resources by 35.3% in the first quarter. Sanctuary Advisors LLC now owns 191,058 shares of the company’s stock valued at $4,073,000 after purchasing an additional 49,798 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in shares of Permian Resources by 19.4% in the first quarter. Bank of America Corp DE now owns 2,971,238 shares of the company’s stock valued at $63,347,000 after purchasing an additional 481,917 shares during the last quarter. Institutional investors and hedge funds own 91.84% of the company’s stock.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.