MIDLAND, Texas - Permian Resources Corporation (NYSE: PR), an independent oil and natural gas company, announced that its Board of Directors has approved a quarterly dividend payment to its shareholders. The dividend consists of a base cash amount of $0.06 per share and an additional variable cash dividend of $0.15 per share, totaling $0.21 per share.
This declaration follows the company's strategy of delivering shareholder returns through regular dividend payments. The dividends are scheduled to be paid on August 27, 2024, to shareholders of record as of August 19, 2024.
Permian Resources is recognized for its focus on acquiring, optimizing, and developing oil and natural gas properties, primarily in the Delaware Basin area of the Permian Basin. The company has positioned itself as a significant player in the region, known for its pure-play exploration and production capabilities.
In other recent news, Permian Resources Corporation has made notable strides in its financial and operational activities. The company has priced an underwritten public offering of 26.5 million shares of its Class A Common Stock at $15.30 each, intending to finance a portion of the acquisition of oil and gas properties from Occidental Petroleum Corporation (NYSE:OXY). Analyst firms have shown confidence in the company's future, with BMO Capital upgrading the stock from Market Perform to Outperform and Citi reaffirming a Buy rating with a price target of $20.00 per share.
Permian Resources' major private equity stakeholders have revised their registration rights agreement, reducing their combined ownership from over 50% to around 16%. This move is expected to facilitate future stock monetization. Additionally, UBS analyst Josh Silverstein has upgraded the company's shares from Neutral to Buy, raising the price target to $21. This upgrade is based on the anticipation of two positive catalysts expected to occur in the second half of 2024.
Permian Resources has also announced the pricing of a public offering of 51,765,000 shares of its Class A Common Stock at $16.47 per share. The company has agreed to buy back 1,800,000 common units from some of the selling stockholders. These developments are part of the recent activities that highlight Permian Resources' strategic financial management and growth initiatives.
InvestingPro Insights
Permian Resources Corporation's recent dividend declaration is a testament to its financial strategy and commitment to shareholder returns. According to InvestingPro data, the company has a market capitalization of $11.44 billion and offers a substantial dividend yield of 7.59% as of the latest data, which is significantly higher than the industry average. This generous dividend is supported by a strong revenue growth of 56.13% over the last twelve months as of Q1 2024, indicating the company's robust financial position and its ability to maintain a steady stream of income to its shareholders.
InvestingPro Tips suggest that while the stock has experienced a price drop over the last month, with a 1-month total return of -16.26%, analysts are forecasting sales growth in the current year. This could indicate potential for a rebound, especially considering the company's solid fundamentals. The company's P/E ratio stands at 10.87, which may appeal to value investors looking for potentially undervalued stocks in the energy sector.
For investors seeking more in-depth analysis, InvestingPro provides additional tips on Permian Resources Corporation. There are currently 9 more tips available that can offer further insights into the company's performance and future prospects. Interested investors can find these tips by visiting the dedicated page for Permian Resources on InvestingPro.
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