Permian Resources price target lowered to $22 from $24 at Truist

Truist lowered the firm’s price target on Permian Resources to $22 from $24 and keeps a Buy rating on the shares as part of a broader research note Exploration and Production names. The firm remains overweight the Energy sector given the solid 2024 commodity setup, lower potential oilfield equipment and services pricing, largely continued routine operations for most companies in the group, and material continued shareholder returns, the analyst tells investors in a research note. Truist further notes the current underweight sector positions that the firm believes “will change”, stating that its recent talks with “Long Onlys” suggested they remain underweight the energy sector vs their benchmark.