Truist initiated coverage of Permian Resources (PR) with a Buy rating and $24 price target The stock stands out as just one of two Delaware Basin pure-play E&Ps and has been an execution machine over the past several years delivering exceptional returns and habitual oil production “beats”, the analyst tells investors in a research note. Permian represents one of the lowest if not the lowest cost operator in the play, and Truist expects value-enhancing M&A that can leverage its low-cost structure to continue, the firm added.
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