Truist analyst Neal Dingmann raised the firm’s price target on Permian Resources to $19 from $18 and keeps a Buy rating on the shares. The company’s pricing of secondary offering from existing holder NGP Energy was well-received given its current performance, and investors continue to appreciate the operational prowess of Permian Resources along with their shareholder alignment as seen by the 2.2M shares repurchased with the latest deal, the analyst tells investors in a research note. Permian Resource is set up for a solid second half of FY23, along with FY24 potentially achieving a 20% yield, the firm added.
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Read More on PR:
- Permian Resources 21.45M share Spot Secondary priced at $13.05
- Permian Resources 20.3M share Spot Secondary; price range $13.00-$13.43
- Permian announces offering of 20.3M shares of Class A common stock for holders
- Permian Resources CAO Jensen sells 171,817 class A shares
- Permian Resources price target raised to $20 from $18 at Stifel
