Permian Resources downgraded to Neutral from Buy at Roth Capital

Roth Capital analyst Leo Mariani downgraded Permian Resources (PR) to Neutral from Buy with a price target of $22, up from $20. The firm believes oil prices have likely peaked. Oil is “near the peak” with a potential Iran ceasefire in the works, the analyst tells investors in a research note. Roth says a number of oil-focused exploration and production stocks have rallied over the past several weeks on the strength of the commodity. The firm does not see lasting damage to key Middle East oil infrastructure, and expects a “lot more oil can start transiting the Strait of Hormuz soon.” Roth downgraded a handful of names with the stocks near 52-week highs.