UBS analyst Josh Silverstein upgraded Permian Resources to Buy from Neutral with a price target of $21, up from $20. The analyst sees two positive catalysts in the second half of 2024 to drive shares higher: upside to fiscal UBS’s 2024 oil production forecast, driven by improved operations, along with an increase to the $225M synergies from the Earthstone Energy acquisition, the analyst tells investors in a research note. The firm sees these catalysts, coupled with the recent 15% pullback in shares, creating a favorable buying opportunity in the shares. It believes Permian’s larger scale and 7.8% estimated 2025 return of capital yield also supporting a positive re-rating of the stock.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PR:
- Permian Resources participates in a conference call with JPMorgan
- Permian Resources Appoints Robert Shannon as New EVP
- Citi explores who Devon may buy following Marathon Oil takeout
- Permian Resources files to sell 6.24M shares of Class A common stock for holders
- Permian Resources Finalizes Subsidiary Liquidation