Permian Resources price target lowered to $20 from $21 at Piper Sandler

Piper Sandler lowered the firm’s price target on Permian Resources (PR) to $20 from $21 and keeps an Overweight rating on the shares. While doing more with less had been the big theme of FY24, investors seemed to prefer FY25 outlooks that looked more like doing the same with less, which has the group walking the fine line of doing less with less and doing more with less, the firm says. Gas sentiment remains strong on the back of strong weather-driven demand paired with growing LNG capacity that has driven storage 23% and 11% below last year and five-year average levels despite supply remaining near record levels, Piper adds.