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

Permian Resources Corporation (NYSE:PR) declared a quarterly dividend on Wednesday, February 25th. Shareholders of record on Tuesday, March 17th will be given a dividend of 0.16 per share on Tuesday, March 31st. This represents a c) dividend on an annualized basis and a 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% 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 Price Performance

NYSE:PR traded up $0.63 during trading hours on Thursday, hitting $18.24. The stock had a trading volume of 5,591,696 shares, compared to its average volume of 11,363,589. The company has a 50 day simple moving average of $15.35 and a two-hundred day simple moving average of $14.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.67 and a quick ratio of 0.67. Permian Resources has a one year low of $10.01 and a one year high of $18.36. The firm has a market capitalization of $15.13 billion, a price-to-earnings ratio of 16.75 and a beta of 0.77.

Permian Resources (NYSE:PR) last posted its quarterly earnings data on Wednesday, February 25th. The company reported $0.37 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.09. Permian Resources had a net margin of 15.65% and a return on equity of 11.03%. The company had revenue of $1.17 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the business earned $0.36 earnings per share. Permian Resources’s revenue for the quarter was down 9.8% compared to the same quarter last year. Research analysts forecast that Permian Resources will post 1.45 earnings per share for the current fiscal year.

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.