BMO Capital analyst Phillip Jungwirth upgraded Permian Resources to Outperform from Market Perform with an unchanged price target of $21. The analyst likes the company’s increased Delaware footprint, plus “strong” operational and acquisition track record. This should support continued organic and inorganic growth, plus competitive capital returns, the analyst tells investors in a research note. The firm says the stock’s valuation remains “reasonable” considering Permian’s increased scale.
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