Permian Resources initiated with a Neutral at Mizuho

Mizuho analyst Nitin Kumar initiated coverage of Permian Resources with a Neutral rating and $13 price target. The company’s post-merger scale in the Delaware is "differentiated," as are operating and capital synergy tailwinds from the deal, assuming they are realized, Kumar tells investors. However, he sees risk of PE liquidation overhang in the first half of 2023 and would look for clarity on that and operating execution before revisiting the investment case.