KeyBanc analyst Tim Rezvan last night initiated coverage of Permian Resources (PR) with an Overweight rating and $25 price target The firm is “constructive” on oil-focused names, saying the medium-term oil futures strip prices are too low. It sees continued upside for many names, including Permian Resources. The company’s transition to investment grade for its debt positions it well for further opportunities to improve natural gas realizations and lower the cost of debt capital, the analyst tells investors in a research note.
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