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. The firm updated exploration and production models post the Q3 reports. The sector posted strong results with operations, efficiencies and costs trending in the right direction, but the oil macro environment “still doesn’t feel great,” the analyst tells investors in a research note. Piper thinks the rally in gas equities “has run a bit too far.”