Raymond James analyst John Freeman last night initiated coverage of Permian Resources with a Strong Buy rating and $24 price target. Permian Resources is a Permian pure-play exploration and production company with original operations solely in the Delaware Basin, the analyst tells investors in a research note. The firm says the company’s “impressive” operational efficiencies, 11-plus year core and tier 1 inventory life and relatively low EBITDA multiple versus peers distinguishes it from peers.
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