Montgomery Investment Management Inc. Makes New Investment in Permian Resources Corporation (NYSE:PR)

Montgomery Investment Management Inc. purchased a new stake in shares of Permian Resources Corporation (NYSE:PR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 27,000 shares of the company's stock, valued at approximately $374,000.

A number of other hedge funds also recently made changes to their positions in the business. Abel Hall LLC raised its holdings in Permian Resources by 62.9% during the first quarter. Abel Hall LLC now owns 21,711 shares of the company's stock worth $301,000 after purchasing an additional 8,384 shares in the last quarter. Madison Asset Management LLC bought a new stake in Permian Resources during the first quarter worth approximately $208,000. KLP Kapitalforvaltning AS raised its holdings in Permian Resources by 3.1% during the first quarter. KLP Kapitalforvaltning AS now owns 124,484 shares of the company's stock worth $1,724,000 after purchasing an additional 3,700 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in Permian Resources in the first quarter worth approximately $5,631,000. Finally, HighPoint Advisor Group LLC grew its position in Permian Resources by 5.1% in the first quarter. HighPoint Advisor Group LLC now owns 20,404 shares of the company's stock worth $283,000 after buying an additional 986 shares during the last quarter. Institutional investors own 91.84% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. UBS Group lifted their price target on shares of Permian Resources from $14.00 to $16.00 and gave the stock a "buy" rating in a research report on Monday, May 12th. Bank of America lifted their price target on shares of Permian Resources from $15.00 to $16.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. TD Cowen upgraded shares of Permian Resources to a "strong-buy" rating in a research report on Monday, July 7th. Raymond James Financial restated a "strong-buy" rating and issued a $23.00 price target (up previously from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Finally, Piper Sandler lifted their price target on shares of Permian Resources from $19.00 to $20.00 and gave the stock an "overweight" rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a sell rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Permian Resources has an average rating of "Buy" and an average target price of $18.47.

Permian Resources Stock Up 4.1%

Shares of PR stock traded up $0.56 on Monday, hitting $14.34. The company's stock had a trading volume of 9,549,977 shares, compared to its average volume of 10,061,295. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.86 and a quick ratio of 0.86. Permian Resources Corporation has a fifty-two week low of $10.01 and a fifty-two week high of $16.33. The firm's fifty day moving average price is $13.70 and its 200-day moving average price is $13.54. The stock has a market capitalization of $11.52 billion, a price-to-earnings ratio of 8.85 and a beta of 1.25.

Permian Resources (NYSE:PR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a net margin of 22.74% and a return on equity of 11.96%. The business had revenue of $1.38 billion during the quarter, compared to analyst estimates 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% on a year-over-year basis. Research analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current year.

Permian Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 4.18%. The ex-dividend date of this dividend was Monday, June 16th. Permian Resources's dividend payout ratio is 37.04%.

About Permian Resources

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.