Permian Resources price target raised to $20 from $18 at Stifel

Stifel raised the firm’s price target on Permian Resources (PR) to $20 from $18 and keeps a Buy rating on the shares after having hosted investor meetings with several members of senior management. Following the meetings, the firm is “increasingly constructive” on the Earthstone Energy (ESTE) transaction, management’s ability to execute against its targeted synergies, and management’s ability to narrow the valuation spread between Permian and “its Bellwether peers,” the analyst tells investors, adding that it views Permian Resources as “the Diamondback of the Delaware.”