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

Montgomery Investment Management Inc. acquired a new stake in Permian Resources Corporation (NYSE:PR - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 27,000 shares of the company's stock, valued at approximately $374,000.

Other large investors have also made changes to their positions in the company. Allworth Financial LP raised its position in Permian Resources by 376.7% during the first quarter. Allworth Financial LP now owns 2,069 shares of the company's stock worth $29,000 after acquiring an additional 1,635 shares during the period. Smallwood Wealth Investment Management LLC acquired a new position in Permian Resources during the first quarter worth $30,000. RE Dickinson Investment Advisors LLC acquired a new position in Permian Resources during the fourth quarter worth $41,000. Tsfg LLC acquired a new position in Permian Resources during the first quarter worth $46,000. Finally, Hexagon Capital Partners LLC boosted its stake in Permian Resources by 30.8% during the first quarter. Hexagon Capital Partners LLC now owns 3,909 shares of the company's stock worth $54,000 after buying an additional 921 shares during the period. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Trading Up 0.9%

Shares of Permian Resources stock traded up $0.13 during trading on Thursday, reaching $13.65. 1,847,714 shares of the company were exchanged, compared to its average volume of 10,011,188. Permian Resources Corporation has a twelve month low of $10.01 and a twelve month high of $16.33. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $10.96 billion, a price-to-earnings ratio of 8.42 and a beta of 1.25. The business has a 50-day moving average price of $13.70 and a 200-day moving average price of $13.57.

Permian Resources (NYSE:PR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.02). Permian Resources had a return on equity of 11.96% and a net margin of 22.74%. The firm had revenue of $1.38 billion for the quarter, compared to analyst estimates of $1.37 billion. During the same period in the prior year, the company earned $0.25 earnings per share. The firm's quarterly revenue was up 10.7% on a year-over-year basis. Sell-side analysts anticipate that Permian Resources Corporation will post 1.45 EPS for the current fiscal year.

Permian Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 16th were paid a dividend of $0.15 per share. The ex-dividend date was Monday, June 16th. This represents a $0.60 dividend on an annualized basis and a yield of 4.40%. Permian Resources's dividend payout ratio (DPR) is presently 37.04%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PR. TD Cowen raised shares of Permian Resources to a "strong-buy" rating in a report on Monday, July 7th. Raymond James Financial restated a "strong-buy" rating and set a $23.00 target price (up from $20.00) on shares of Permian Resources in a research report on Monday, May 19th. Wells Fargo & Company decreased their price objective on shares of Permian Resources from $21.00 to $20.00 and set an "overweight" rating on the stock in a research report on Monday, June 16th. The Goldman Sachs Group boosted their target price on shares of Permian Resources from $14.00 to $16.00 and gave the company a "buy" rating in a research note on Friday, May 16th. Finally, Susquehanna upped their price objective on shares of Permian Resources from $19.00 to $20.00 and gave the company a "positive" rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, twelve have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $18.47.

Permian Resources Profile

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.

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